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The EURJPY is on the verge of breaking higher.
The pair has been sideways for most of the year, but that may be about to change.
Before we get to that pending breakout, I want to draw your attention to what’s happening on the weekly time frame.
Notice how the EURJPY has been in an uptrend since May.
However, there is a trend line that extends from the 2014 high that could be a factor.
That level comes in near 126.00 or perhaps just below it.
A weekly close above that trend line could send EURJPY much higher in 2021.
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Turning to the daily chart, the EURJPY is starting to look increasingly bullish.
That said, buyers still have work to do.
They need to secure a daily close above 125.00 to expose that 126.00 resistance area.
Note that a close above 125.00 would confirm the potential inverse head and shoulders.
That formation could serve as a continuation pattern for EURJPY.
We’ll see, but if 125.00 breaks on a daily closing basis, there isn’t much to prevent a run at 126.00.
A weekly close above that 126.00 area could take the pair toward 128.30 as we head into next year.