Price on daily chart is moving in a big triangle.

eurjpy-d

When moving down to 4h chart, yesterday price tested 50% Fibonacci retrace and pivot points already and then moved up.

eurjpy

Today we can see that price retraced almost 100 % on yesterdays up move. We can see that a bit bellow the price on 4h chart there is 55 EMA and then we have two central pivot points MPP and WPP. So lots of support. That is why I chances are higher that price will move up from here and test upper triangle level and upper Bollinger band.

There is no major red news in EU in Japan we have some middle level news like Core Machinery Orders m/m and Current Account news.

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