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By looking at the 4-hour chart of the EUR/JPY cross currency pair, it appears that in the near future EUR/JPY has the potential to strengthen, which is confirmed by the appearance of a Convergence pattern between the EUR/JPY price movement and the Stochastic Oscillator indicator and the EUR/JPY price movement moving above the WMA (30 Shift 2) which also has a slope that dives upwards, so that based on these facts EUR/JPY has the potential to strengthen up to the level of 164.57 if this level is successfully broken and closes above it, then the level of 165.72 will be the next target and if the volatility and momentum of its strengthening support it, EUR/JPY will continue to strengthen up to 166.37, but if on its way to the targets of these levels there is suddenly a weakening correction that breaks and closes below the level of 161.66, then all the strengthening scenarios that have been described previously will be 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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