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EUR/JPY - Monitoring the Rising Channels

In the 4H chart EUR/JPY is seen falling sharply from a channel resistance, which was actually broken briefly, toward the channel support.

(EUR/JPY 4H Chart)

Price action seems heavy, but the pattern of higher highs and lows remains from the month of February to the present. Let's see if the market can hold here above the 140.30 pivot and channel support.

(EUR/JPY Daily Chart)

If the 4H channel breaks, we can expect some further downside risk, but note that it is at the moment limited to a rising channel support in the daily chart. At the moment that appears like it would be above the 138.65 pivot. 

The daily chart shows a bullish to neutral EUR/JPY. This can turn slightly bearish only with the break of the channel support.