EUR/JPY: A Bullish Momentum

This is a quick update to the EUR/JPY analysis posted earlier this week:

The downside breakout to the wedge looked promising last week, however we also raised the string possibility of bullish gains before a resumption of a more bearish move. Whilst we have seen strong trading sessions already this week (going into the third that is) my view is still bearish however the wedge formation will need to be reassessed, or adjusted, as we are now trading back within it.

We are just beneath the 133.80 resistance which comprises of a pivotal S/R and the Monthly pivot point - so any weakness around this level may well open up opportunities to trade back down to the131 support level. However 131.1 has so far proved difficult to crack as this too comprises of a pivotal S/R and Monthly S1 pivot.

So right now we are between a rock and a hard place.

I will continue to monitor price over the coming days to look for signs of weakness on the daily and H4 timeframes, however with momentum clearly bullish this week bearish traders may be better sitting aside until a clearer picture develops.
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