Cross-rate signals: EUR/JPY is in uncertainty

After a very mild speech by the head of the ECB, the single currency found itself under restrained pressure against its main competitors. As a result, the pair EUR/JPY remains in the trading channel from 130.80-50 to 131.80-132.00. And the exit to either side will indicate further movement in that direction.

Thus, consolidating the pair below 130.80-50 will indicate the resumption of the downtrend and will open the way to the support levels: 130.20 and 129.50. Otherwise, updating the highs at 132.00 will indicate a deeper correction to the resistance levels: 132.50 and 133.00-40.

Fig. EUR/JPY. The current price is 131.00.

Hanzenko Anton