EUR/JPY: box pattern

There is a box consolidation on the hourly chart with upside potential. A decisive break above the 98.83 spike high could see a breakout followed by a probable rise up to the upper channel line at 99.75. The other alternative is that the exchange rate is rebuffed by the top of the range and moves back down to the 97.80 range lows, with a move below 98.37 acting as confirmation.

Written by Forex4you