Cross-rate signals: EUR/JPY returned to the side triangle

After today’s test of the resistance level of 131.30 and the update of the two-week high, the EUR/JPY cross-rate returned to the lateral triangle, thus pointing to the uncertainty of the pair and the possibility of a dual trading scenario.

A break from 131.30 and return to the downstream channel may indicate a further decline from the resistance level of 130.80-50 and will open the way to the support levels: 130.20-00 and 129.50, which will confirm the general downtrend.

Closing of the day above 130.80-131.00 on the contrary will signal for a deeper correction, with a resistance test: 131.50 and 131.80.

Fig. EUR/JPY. Current price – 130.70

Also, read: “The most common mistakes of trader. Know and do not allow!”

Hanzenko Anton