EURJPY Bullish Continuation Within Rising Channel Buy the Dip
The chart shows EURJPY maintaining a clear bullish trend, respecting a well-defined ascending channel. Price action is consistently forming higher highs and higher lows, indicating strong buyer control.
A key demand zone (highlighted in red) has already been tested and respected, confirming institutional interest and support. The Ichimoku cloud further reinforces bullish momentum, as price remains above it—signaling a healthy uptrend.
Recent consolidation near the upper half of the channel suggests accumulation before the next leg higher. The projected move indicates a continuation toward the resistance levels around 188.585 and 189.415, which align with the channel’s upper boundary.
Overall, the structure favors a buy-on-dips strategy, as long as price holds above the demand zone and the lower boundary of the channel. A break below this support would be the first sign of potential weakness, but until then, momentum remains firmly bullish.
A key demand zone (highlighted in red) has already been tested and respected, confirming institutional interest and support. The Ichimoku cloud further reinforces bullish momentum, as price remains above it—signaling a healthy uptrend.
Recent consolidation near the upper half of the channel suggests accumulation before the next leg higher. The projected move indicates a continuation toward the resistance levels around 188.585 and 189.415, which align with the channel’s upper boundary.
Overall, the structure favors a buy-on-dips strategy, as long as price holds above the demand zone and the lower boundary of the channel. A break below this support would be the first sign of potential weakness, but until then, momentum remains firmly bullish.
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