The EUR/JPY confirmed further consolidation interior the big positive outside day it formed on Monday with 111,75 – 106,65 still the levels to follow in the coming hours/ sessions. We had a brief sell off below the support yesterday but not confirmed by the closing that was however negative.
The indicators of the daily chart are still all well positive and confirming higher lows but those of the s/t ones turned again mixed supporting further consolidation.
The decline confirmed a test of the 200 hours line, today at 106,82, where it found decent support favouring a rebound. Only an hourly closing above 107,75 will however favour higher levels above 108. A stable return above 107,75 will confirm also a positive reversal in the hourly chart suggesting a s/t target at 112,91!! A move below 106,50 will abort this scenery!!
We wait for further confirmations but overall favour higher levels!!
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