EUR/JPY Price Analysis: Bulls take charge, eye 61.8% Fibo target
- EUR/JPY bulls are stepping into action on the hourly time frame.
- The daily chart’s bullish structure is compelling.
EUR/JPY remains above support and there are still prospects of a significant bullish correction according to the daily chart’s market structure and bullish M-formation.
The bulls can target the 61.8% Fibonacci retracement level and the M-formation’s neckline.
From an hourly perspective, there is a strong bullish case given the prior bullish impulse, correction and now the current spike into the prior highs and presumed resistance.
A break of the resistance structure will align with the daily bullish M-formation’s target keeping it firmly on the map.
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June 7, 2021 at 05:50PM