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EUR/JPY is still moving in a strong uptrend that started about a week ago amid a range of clear supports.
Break in Structural (BoS)
Strong demand blocks occur at the following levels:
Break in Structural (BoS)
Strong demand blocks occur at the following levels:
178.40 – 178.80
and
177.60 – 177.90
These areas have contributed to the price’s repeated support for upward moves, and so far the price has remained in the uptrend without a true breakout.
🔍What’s happening now:
Price is approaching the important peak of 179.70 – 180.00
Resistance is beginning to appear above 179.70, the candle is weak and momentum may be lost.
But there has been no clear structural break to the downside so far, meaning the underlying trend remains bullish
📉Expected scenarios:
🔴Downside scenario (the closest scenario currently is a breakout):
Any trend breakout + breakout of the 179.40 area
→ May push the price down towards the first demand area
178.80 – 178.40
if it’s broken
→ Subsidence extends to deeper areas
177.90 – 177.60
🟢 Ascension scene:
If price can maintain the trend and break above 180.00 with a clear close
→ We can see the direction extending upwards
180.60 then 181.20
The market is currently at a critical point between a trend continuation or a mid-term correction…it would be better to wait for a clear breakout before making a decision.
