Cross-rates signals: the EUR/JPY pair is in anticipation of double-top

After the rapid fall of the EUR/JPY pair last week, this pair broke through the level of significant support at 132.00, which corresponds to the neck line of the head and shoulders figure on the daytime timeframe. But, after correction, the pair returned above the key support, which indicates that pair is not ready to develop a downtrend.

With a spacious test of 132.00, one should expect the price to be fixed lower. This will open the way for sellers to support levels: 131.00 and 129.80. The maintenance of the upward dynamics and update of the resistance at 133.30-50 will indicate the abolition of the possibility of a decline and will open the way to the resistance level of 134.50.

Hanzenko Anton