EUR/JPY looks ready to extend a months-long uptrend!
In case you were too busy ranking the Met Gala looks from “slay” to “who approved this,” the pair has been picking up bullish momentum after printing long lower wicks around key support zones.
Here’s what’s showing up on the 4-hour time frame:
EUR/JPY: 4-hour
EUR/JPY 4-hour Forex Chart Faster With TradingView
The euro has been holding up pretty well against rivals like the Japanese yen, even with U.S.-Iran tensions heating up again over the past couple of days. And with the Euro Area lined up to release a whole batch of services PMI reports, major euro pairs could see a little extra action in the next few trading sessions.
Meanwhile, the yen has been throwing around some sharp wicks lately, thanks to intervention threats and what may have been actual yen buying from Japanese officials. The safe haven currency is still struggling against the dollar’s relative appeal, but the threat of intervention could keep yen bears from getting too comfortable.
Despite a few bearish pokes, EUR/JPY is still holding above ascending channel support on the 4 hour chart. The pair is hanging around the Pivot Point at 184.64, just under the 185.00 psychological handle.Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the euro and the Japanese yen, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
A couple more bullish candles and sustained trading above 185.00 could give buyers enough confidence to push for the next upside targets. Keep an eye on the 186.00 mid channel area first, followed by the previous inflection point near 187.50.
On the flip side, a clean rejection from the Pivot Point could bring sellers back into the mix and drag EUR/JPY toward channel support. A deeper pullback could put the 183.00 to 183.50 previous support zone back on the radar.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment.
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
This EUR/JPY chart art analysis uses channel support, pivot points, and candlestick signals to frame a potential bullish continuation, and if those tools are new to you, Premium members can read our lesson:
📖 Price Action Across Multiple Timeframes
Reading this helps you understand how to read the same asset across multiple chart timeframes, why a single-timeframe view gives you an incomplete picture, and how to identify the right direction and timing for a trade like this one.
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