EURJPY Chart Technical Outlook remains bullish while inside the channel formation
The EUR basket offers a mild bullish bias. The JPY offers a negative bias. This has resulted in correlation studies suggesting higher levels for EUR/JPY.
Although we have seen a stalling in bullish price action close to the 61.8% pullback level of 160.06, there is no clear indication of a change of trend. The next significant upside barrier is located at 161.92.
The four-hour chart highlights the cross moving higher within a bullish channel formation. Prime support is located at 157.52. This is a 38.2% pullback from the last rally.
