EUR/JPY Price Analysis: Bear's stars alligning for both short-term and swing-trading opportunities

Developing story

EUR/JPY monthly chart

From a monthly perspective, EUR/JPY is in a supply zone and following such a long period of being in a bullish trajectory, a 38.2% Fibonacci to prior resistance can be expected.

The cross is also failing at daily support and the wick could be filled in:

EUR/JPY resistance structures

EUR/JPY has its work cut out below critical resistance structures.

EUR/USD daily chart

The euro is testing trendline support in supply territory, a break of which reinforces the downside case for the euro crosses. 

EUR/USD 4HR

The price is testing back above the trendline at resistance and familiar Fibonacci retracement levels that would typically to hold up the correction. 

EUR/USD 1HR resistance

A series of impulses and corrections so far point to correction at resistance, which brings us to the EUR/JPY cross...

EUR/JPY day trade lining up 

The conditions are all aligning for a short setup on the lower time frames and the euro is under pressure vs the greenback.

The hourly chart shows the price creeping towards resistance where a deceleration will open prospects for an entry on a lower time frame, such as the 15-minutes chart.

Price action will be monitored for a favourable entry with preferable risk-reward.

More to come from both a day trade and swing trading perspective as the price action eveolves...