Signals for cross-rates: EUR / JPY near significant resistance

The cross-rate EUR / JPY significantly strengthened from the beginning of the day on risk reduction and the positive opening of trading in the European session. In this case, the downward trend remains in force, as indicated by the safety of the trend line at 130.50-60. In conditions of a significant overbought of this pair and the preservation of risks, one should expect a reversal from this trend line with a further decline.

The uncertainty zone is located in the range from 130.50-60 to 130.20. An anchoring below this zone will indicate the resumption of a downtrend with a test of support levels: 127.70 and 129.30-00. The stops are located at the level of: 130.80 and 131.00.

EUR / JPY Graph. The current price is 130.40.

Hanzenko Anton