Tools:
Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

EUR/JPY
Resistance 110.20 cracked; 111.60-111.90 (61.8% retracement)
Support 109.50-109.60; S2: 108.50
EUR/JPY

- EUR/JPY's rally is impressive. While the possibility of retesting the highs near 115.50 is possible, the market is still within the context of a consolidation, although this week's rally could be the first kick to the rally.
- The neutral to bearish scenario still exists if the market remains below the projected channel resistance seen in the daily chart. When the market reaches 110.50, it has completed a equality wave projection of a previous rally.
- With the bullish momentum breakout seen in the 4H chart RSI, we can expect the market to continue rallying towards 111.90 (61.8% retracement).
- But if the market tops off between 110.50 and  111.00 (50% retracement), we can continue the decline towards 106.00.

Is the GBP/USD in a new bull run? We would love to hear what you think.
Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.

Fan Yang CMT
Chief Technical Strategist
FXTimes

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.