Daily analysis of EUR/JPY for April 24, 2018

EUR/JPY

Unlike its USD/JPY counterpart, this cross pair has not done much this week. Price did almost nothing last week, saving some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would be directional on nature.

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A strong directional movement is expected any moment, which would most probably be in favor of bulls. On the other hand, there is another possibility of the price going bearish before the end of this week, because the outlook on the JPY pairs is somewhat bearish for the week. Swings in the market may thus be short-term or medium-term.

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