Cross-rate signals: EUR/JPY is near significant resistance

After a one-week decline, the cross EUR/JPY is trading with a decline, maintaining a downtrend. In the movement against Friday, this cross remains a limited upper bound of the descending channel at the level of 132.50-70, from which it is expected to resume the decline.

The level of significant support, from which it is worth considering the entrance for sale, stands at 132.20-00. Binding the price below this level will open the way to support levels: 131.60 and 131.40. The price exit from the descending channel and the consolidation above 132.70 cancels the forecast for a decline.

Fig. EUR/JPY. The current price is 132.30.

Hanzenko Anton