EURJPY was identified at around 161.687 having recently rebounded of the support on the 4 hour data interval. Ultimately, the price action of the stock has formed a Channel Down pattern. This squeeze may increases the chances of a strong breakout. The projected movement will potentially take the price to around the 164.0844 level.
EURJPY is signaling a possible trend reversal on the intraday charts with price not breaching support.
