EURJPY - Weekly Analysis 2nd July 2017

EURJPY Top Down Analysis...

Monthly

Monthly Timeframe, price has broken through prior support and not treating is as resistance.

Price has broken above the 200EMA and closed.

Higher highs have now formed.

Weekly

Price has broken out of the Weekly Level which has acted as both resistance and support.

Price is above the 200EMA on the weekly and closed above it.

EMA crossover and steep angle on the EMA's.

Daily

Daily Candle Closed out as a hammer, hitting the Weekly Level and testing as support.

Next point of resistance is on the Daily - if price shows no sign of slowing down this could be the next area of interest.

H4

Zooming in can see price has actually broken the Weekly Level and retested it as a support level.

4 Hourly Candle closed out as a hammer, unable to break prior high - perhaps as it's Friday and being a weekend sell off.

Will look to see if structure and momentum can continue for a potential Long.

Outlook

Short term bias is still Bullish & Long.