FX.co ★ EUR/JPY

For the EUR/JPY pair, today we’re looking for a continuation of the price rise, since we are currently trading in the Envelopes buy zone on both the hourly and four-hour timeframes, above the support levels 186.05 - 186.31. The current price of the EUR/JPY pair is 186.34. Accordingly, as long as they don’t manage to close a four-hour candle below 186.05, the north remains the priority, and the path of least resistance for now is a further rise of EUR/JPY toward the resistance at 187.00. And this, in theory, should be the last wave up before a reversal to the south. Therefore, I think that from 187.00 today I’ll even open a small short position on EUR/JPY, if they of course give such a price.