EUR/JPY has been bullish upon an ABC pattern on the daily chart. The pair seems to have found its C point. Upon finding the C point, it has been heading towards the North with good bullish momentum. The pair produced three consecutive bullish candles on the daily chart. Thus, major intraday charts are bullish biased too. Let us have a look at three major charts.
Chart 1 EUR/JPY Daily Chart
The daily chart shows that the price had a bounce at 114.485. Upon producing a bullish inside bar, the price headed towards the North. It then had a rejection and had a bearish correction. The level of 115.720 worked as a level of support and pushed the price towards the North. The last three daily candles came out as bullish candles. It suggests that the bull has taken control. It may keep pushing the price towards the North further. The price may consolidate around 119.500 and may head towards the level of 121.000 to find its resistance.
Chart 2 EUR/JPY H4 Chart
The H4 chart shows that the price has been in consolidation. The level of 117.610 has been working as a level of support. It has already produced a bullish engulfing candle. The buyers may go long above 118.175 and push the price towards the North further. The price may find its next resistance around 119.200. In case of a bearish breakout at 117.610, the price may head towards the South with a moderate pace. It may find its next support around 116.715.
Chart 3 EUR/JPY H1 Chart
The H1 chart shows that the price after having a rejection at 118.175 headed towards the South and found its support at 117.610. The price had a bullish correction and got choppy afterward. If the price makes a bullish reversal candle, intraday buyers may push the price towards the level of 118.175. In case of a bullish breakout at 118.175, the buyers may push the price towards the North further with good buying pressure. The price may find its next resistance around 118.800. If the price keeps heading towards the downside, it may find its support at 117.610.
The daily and the H4 charts are strongly bullish biased. The H1 chart suggests that the buyers have an upper hand, but it may get choppy as well. However, considering these three charts, it seems that the pair may remain bullish today as well.