Technical Analysis of EUR/JPY Intraday Trading

This Currency pair moves in uptrend Channel but on Wednesday it fails to break the 38.2 retracement level

Most Likely scenario:- Long above @130.51 with target 132.20 to continue its uptrend

Alternative :- Short below @130.51 with target 129.20 to complete its 50% retracement level

RSI is Flat but still moves in buying area

Moving average shows there is no movement during the Tokyo session

Candlestick Pattern:- Bearish Engulfing Pattern gives bearish indication

Summary:- Neutral

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