EUR/JPY slowed near resistance level around 109.05 and has formed a rising wedge pattern on 4H chart. The formation has 76% quality and 66% magnitude within 173 bars.
The pair continued its bullish trend and bounced off the resistance at 108.48. The pattern started in the middle of February, and it points out the reliability of the pattern. Along with the price, the Stochastic indicator has recoiled from its critical area below 20% which leads to the pair short-term bullish trend. If the pair continues its advance, the premier target for long traders might be around 117.75 where the resistance level stands.
The RSI indicator has not reached its 30% zone, showing that the pair is neutral at this moment. Bears may focus their attention at the resistance level around 117.75. If the price recoils from 117.75, the premier target for short traders could be around 109.46.