Cross-rate signals: EUR/JPY is limited to a downtrend

Cross EUR / JPY  received appreciable support from the growth in demand for risky assets and general decline of the Japanese currency as an asset of a safe harbor due to the growth of optimism in the stock markets. The result is a test of resistance levels: 129.00 and 29.30-50, that in turn correspond to the upper boundary of the downward channel of recent weeks. From these levels of resistance, we should expect a rebound on the resumption of a downtrend. On the formation of the reversal, it is worth considering sales with a test of support levels: 128.30-00 and 127.60-50.

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Hanzenko Anton

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