The EUR/JPY confirmed a positive closing but it failed again to extend the move up above 104,40. The indicators of the daily chart are still well negative while those of the s/t ones are mixed supporting further consolidation/ correction.
In the s/t charts we could have a reversed complex S_H_S formation with the neck line at 104,37 and only a break above this resistance confirmed at least by an hourly closing will support higher levels. While below this line the risk is for a drop toward the previous low at 103,22 with even a possible undershooting toward 100,70!!
We stay on the sideline waiting for stronger signals!!
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