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From what is seen on the 4-hour chart of the EUR/JPY cross currency pair, it is clearly visible that EUR/JPY is moving in a strengthening condition, which is indicated by its price movement moving harmoniously in an upward sloping channel, coupled with its price movement moving above the EMA (21) and the Stochastic Oscillator indicator which is Crossing Buy, so in the near future EUR/JPY will try to rise to the level of 163.47 and if the momentum and volatility support it, 165.77 will be the next target to be targeted, but all of these strengthening scenarios will become invalid and automatically canceled if on the way to the previously described target levels, there is suddenly a weakening correction that breaks through and closes below the level of 160.69 because if this level is successfully broken and closes below it, all strengthening scenarios that have been described previously will become invalid and automatically canceled by themselves.
(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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