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29.09.2023 05:57 PMThe EUR/JPY pair is trading in the green at 158.08 at the time of writing. In the short term, it has retreated a little after its strong growth. Still, the Japanese Yen Futures maintain a bearish bias, so a deeper drop should force the JPY to lose more ground versus its rivals.
Fundamentally, the Japanese and the Eurozone data came in mixed and brought some volatility during the day. Still, it seems that the technical factors should drive the price in the short term.
As you can see on the H1 chart, the bias is bullish as long as it stays above the uptrend line. It has retested the weekly pivot point of 157.79 and now it is trying to resume its growth.
It is challening the median line (ml) which represents a dynamic resistance. Moreover, the former high of 158.33 represents an upside obstacle as well.
A new higher high, a bullish closure above 158.33 activates further growth and brings new long opportunities. Stabilizing above the median line (ml) may announce a potential growth towards the upper median line (ml).
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