EURJPY Chart Technical Outlook scope for a correction to the upside
The weekly chart highlights a bearish evening doji star formation. This pattern offers a medium-term negative bias.
The 8-hour chart highlights a breakout of the expanding wedge formation. The measured move target is 153.17.
We have seen a reaction to the upside close to bespoke support at 160.40.
Conclusion: the medium-term focus is on the downside. There is ample scope for a profit-taking correction. Bespoke resistance is located at 162.06. The previous swing high is located at 161.87. I would look to this zone as an opportunity to join the bearish trend.
