FX.co ★ EUR/JPY

I am analyzing the EUR/JPY pair on the M15 timeframe and I see that the instrument is currently trading above the daily pivot, which suggests that the market is holding a slightly bullish intraday bias while still remaining inside a sideways range. I am paying close attention to the resistance levels above the current price because I believe they may determine the next short-term direction. I think that if the price manages to rise above the resistance level R3 at 184.125, the next upside target could be MN1 Res C at 184.379, which may act as an intermediate barrier for further growth. I also believe that if buyers maintain momentum and push the price above that level, the pair could attempt to test R4 at 184.562, and I expect that a further bullish continuation could extend toward D1 Res C at 184.624 or even R5 at 185.269. At the same time, I understand that the market structure remains uncertain, so I am also preparing for a downside scenario. I am considering that if the price fails to hold above the daily pivot FPV at 183.418, a downward movement may begin, and I would then look for targets at yLow 183.023, followed by S3 at 182.711, S4 at 182.274, and potentially S5 at 181.567 or even W1 Sup at 181.084 if bearish pressure becomes stronger. I am also observing the current consolidation zone between 183.60 and 183.86, and I think this area is currently acting as a temporary accumulation range where the market is gathering liquidity before the next directional move.

I am also studying the higher timeframes and I notice that on the daily chart I still prefer a medium-term bearish scenario, even though short-term movements may still fluctuate in both directions. I believe that the overall structure suggests that selling opportunities could appear at higher resistance zones, especially near the 184.49 – 184.75 area, which I consider an important supply zone. I have drawn a descending trendline from the recent local highs on the daily chart, and I see this trendline acting as dynamic resistance that could limit further bullish expansion. I am not interested in trading a breakout above this resistance because I prefer to wait for price confirmation and a bearish pattern before entering short positions. I also see from the indicators that the market signals are mixed, because the RSI is moving around the middle zone and only slightly pointing upward, while the AO shows a weak bullish impulse that does not yet confirm a strong trend. I am also paying attention to the H4 timeframe where the pair appears to be forming a triangle pattern, and I think a break below 183.71 could trigger a decline toward 183.00, while a breakout above the upper boundary may open the path toward 184.76 or even 185.50. At the same time, I believe there is strong support further below in the 182.759 – 181.436 zone, and I think that if the market drops into this area and forms a clear rebound, it could provide an attractive long opportunity for a corrective bullish move.