EUR/JPY Price Analysis: Bulls firming into key H4 resistance

• EUR/JPY bulls taking on the bears at key H4 resistance. 
• Daily accumulation could be in play and a trend continuation could be on the cards. 

EUR/JPY is attempting to make a break for the topside and is climbing its way out of daily support following a corrective stage which could turn out to be a phase of reaccumulation. The following illustrates the market structure from a daily and 4-hour perspective:

EUR/JPY daily chart

The price made a deep correction from the daily highs and has spent a number of days in consolidation. However, the bullish price action, while encouraging, could be short-lived unless the bulls can crack the 4-hour resistance.

EUR/JPY H4 chart

EUR/JPY is meeting resistance near 135.50/60. The W-formation is a bearish feature as well, with the price expected to revisit the neckline of the pattern. Should this hold, then the bulls might be encouraged to move in at a discount with a view to taking on the bearish commitments again at resistance.