EUR/JPY is slowing around its resistance level and has formed an upside channel on 1H chart. The pattern started on March 9 and it has 46% quality along with 52% magnitude within 107 bars.
Euro is gaining versus Yen to the previous two-month high at 109.95 where pair has previously bounced off. Stochastic indicator has reached overbought zone increasing the possibility of pair short-term rebound along with a trend change. If the pair breaks the resistance level at 109.95, the first target for bull traders may be around 110.66.
RSI indicator is moving towards 70% level, supporting the idea of a potential rebound. If the price bounces off the resistance level, short traders may wait for depreciation to 109.00. If the price breaks the support level, an initial target for bearish traders can be around 108.23