FX.co ★ EUR/JPY

Hello traders. EURJPY. Euro/Yen started the current week with an upward price gap, which has not been closed yet. However, I am considering a possible reversal to the downside. At the moment, it's just a thought, so I'm currently on the fence, not looking north at these levels, nor seeing a reason to head south. On the hourly chart, indicators are still supportive of further upward movement, with the pair now testing the upper Bollinger Band. Depending on a breakout or a bounce in the near future, the next direction will be revealed. Currently, I am leaning more towards a breakout and a decline, with a tentative target of 172.80 intraday, but I will wait for the test results regardless. On the 4-hour chart, indicators also favor further upward movement, and the Bollinger Band is still expanding, indicating the ongoing upward impulse. However, the candles suggest a potential downside reversal for a correction towards testing the middle MA. Interestingly, this moving average aligns with the previously mentioned target, making the scenario quite plausible in the short term.