EURJPY has trading inside a sideways range since mid-October, digesting the sharp rise from 117 to 121 in the first half of October. This price action has formed a bullish flag pattern that could give us a target of 124 if resistance at 121.20 is broken upwards.
EURJPY is moving in a sideways trading range and now we find this pair at the lower end of the range. This might be a good opportunity to buy looking for at least a bounce towards 120.80-121. Resistance is important around 121.20 and as long as price is below that level bulls do not control the trend. Bulls need to bounce now and push price above 121.20 in order enable this bullish flag formation.
