The current structure of the EURJPY pair shows a large uptrend that moves within the green channel. The current chart shows the price movement from the end of March to the present day.
SimpleFX EURJPY Chart Analysis: June 14, 2022.
At the end of March, the price touched the upper green line, then pushed off from it and we saw a slight drop in quotations. Then the bulls sent the price back to the upper green wall. After touching the upper line of the green channel again, the price fell to the lower green line.
The last section of the chart, where we see the price rise from the lower green line to the upper green line, describes an ascending yellow channel. Currently, the market is located near the lower yellow line. It is assumed that after the breakdown of the support level of 139.86, we will see a repeated fall of the market to the lower green line and the support level of 136.20.
However, the last bounce from the lower line of the yellow channel may give strength to the bulls. Thus, in the next coming trading days, the market may move up in the direction of the upper green wall and the resistance level of 145.23, as shown on the chart. At the breakdown of this level, the currency pair can grow to the next resistance level of 149.08, which is located on the upper yellow wall.
