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If we look at the 4-hour chart, the EUR/JPY cross currency pair appears to be moving harmoniously in the Bullish Pitchfork channel, which indicates that the bias of EUR/JPY is still in a Bullish condition. This is also confirmed by its price movement which is moving above the SMA (50) and also the appearance of Convergence between the EUR/JPY price movement and the Stochastic Oscillator indicator so that based on these facts, EUR/JPY in the near future has the potential to continue its strengthening to the level of 163.64 as its main target and if the momentum of strengthening and volatility support it, EUR/JPY will head to the level of 164.30, but if on its way to the targets, there is suddenly a significant correction, especially if it breaks through and closes below the level of 161.12, then all the strengthening setups that have been described previously will be canceled by themselves and become invalid.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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