FX.co ★ EUR/JPY analysis for November 09, 2022 - Potential for the breakout play

Technical analysis:

EUR/JPY has been trading sideways at the price of 146.70. Anyway, I see potential for the upside breakout in the next period.

Trading recommendation:

Due to the trading range in the strong upside trend in the background, I see potential for further upside movement.

Watch for buying opportunities if the price breaks level of 147.00 with the first upside objective at 148.30.

MACD oscillator is showing upside reading, which is good sign that buyers are in control.

Support is set at the price of 145.95