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The EUR/JPY has broken the trend line in a strong uptrend and that is the signal for a possible retracement. As we could see on yesterday's Session Recap the GBP/JPY has respected bearish analysis/setup and I expect similar action to happen with EUR/JPY as it is connected to Yen carry trades.
The POC zone comes within 114.55-70 (H3, bullish order block) and it is in a close vicinity of 50.0. In the case of deeper retracement next POC zones come within 114.10-25 (L3,WPP, previous double top). The price could be rejected towards 115.40 and if we see a 4 hour close above 115.50 the way toward 116.30 should be open.
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