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FX.co ★ EUR/JPY accumulates more bullish energy

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Forex Analysis:::2023-05-18T14:22:09

EUR/JPY accumulates more bullish energy

The EUR/JPY pair registered a strong growth in the short term and now is trading at 149.09 at the time of writing. It has climbed as much as 149.30 today, registering a new high but the buyers seem exhausted.

Fundamentally, the Japanese economic indicators reported positive data yesterday. On the other hand, the Eurozone Final Core CPI and Final CPI came in line with expectation. Today, the Japanese Trade Balance was reported at -1.02T compared to -1.08T forecasted, but the JPY remains bearish. The National Core CPI and Tertiary Industry Activity data will be released tomorrow and could bring some action.

EUR/JPY Bullish Bias Intact!

EUR/JPY accumulates more bullish energy

As you can see on the H1 chart, the currency pair found resistance at the 149.26 former high. It has dropped a little to retest the median line (ml) of the ascending pitchfork which represents a dynamic support.

As long as it stays above this downside obstacle, the bias remains bullish. You can see that the price failed to stabilize below the weekly R1 (148.98) signaling strong upside pressure.

EUR/JPY Outlook!

A valid breakout above 149.26 activates further growth and is seen as a new buying opportunity. The current sideways movement between 149.26 and the median line looks like an upside continuation pattern.

Analyst InstaForex
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