EUR/JPY Price Analysis: Bulls and bears confront at a critical area on the charts

• EUR/JPY bears are focused on 148.00 and trendline support with eyes then set on 147.50. 
• Bulls need to get over the resistance around 148.50. 

EUR/JPY is flat on the day and has stuck to a range of between 148.05 and 148.29 so far. The price action has been range bound for the initial balance of the week testing in the 147.50s and 100 pips higher to the 148.50s. The following will illustrate the prospects of a move up to test daily support while the bullish trend on a mico basis remains intact:

EUR/JPY daily chart

A break of the resistance will open prospects of a move to the counter-trendline.

EUR/JPY H1 charts

A break of support, however, creates a scenario whereby the bears could be encouraged in move below 148.00 with eyes then set on 147.50.