Yesterday EURJPY daily range start with a bottom in early Asian session and the top at lunch time New York session. Forex market yesterday was dominated by USD strength and weakness of JPY against the EUR . Although it seem that EURJPY moved substantially during New York morning session the general movement in yesterday EURJPY price range was equally divided between the three session-Asian, European and New York .
EURJPY formed a declining wedge that originated in late afternoon New York session in the previous day. (the blue color triangle on the chart). The declining wedge has more than three touches each at the top resistance line and the bottom support line indicating a break of the S/R line with follow by a significant move. The break will retest the S/R before continuing its path. EUR penetrate the resistance line at 4:15(3:15 GMT) retest the line at 7:00(6:00 GMT) before moving upward.
