Technical Outlook for the EUR/JPY Pair: A Strong Buying Opportunity

The EUR/JPY pair has begun an upward trend after breaking out of a consolidation phase on the 4-hour timeframe.

The pair successfully breached supply (selling) zones and established new demand (buying) zones—a strong signal that buyers are in control.

Expected Targets

Should the price retest the new demand zones near the 177.51 level, we anticipate a resumption of the uptrend, targeting the 178.00 and 178.60 levels, respectively.

Even if the price pulls back toward the demand zones near the 176.80 level, the outlook remains bullish, with the potential for a strong upward move.

This analysis is invalidated if the price breaks below the new demand zones and closes beneath them.