FX.co ★ jerome82 | EUR/JPY

EURJPY. Good day. The Euro/Yen pair seems reluctant to turn south, with bulls increasingly taking the lead. At the moment, considering a downward move is only viable in the short term, and even that is questionable. A more significant downside move should only be anticipated with stronger confirmation from the technical aspect. On the hourly chart, indicators currently favor further upside movement, although the MACD is likely to show bearish divergence. However, the Bollinger Band is still expanding, indicating a possibility to continue the current upward impulse before a potential correction towards around 176.30 intraday. On the 4-hour chart, indicators also support further growth, although one of the underlying indicators has shifted away from a bullish bias. Nevertheless, this does not negate the bullish outlook. Additionally, the Bollinger Band on this timeframe is also expanding, suggesting a potential continuation of the upward momentum.