Cross-rate signals: EUR/JPY expectations have changed

Published earlier expectations “Cross-rate signals: EUR/JPY is near significant resistance” were not justified due to the rapid growth of optimism in the market and the sale of the yen. This completely ignored the two-week downlink and updated the maximum of 131.70. In this case, the monthly downlink has withstood and remains in force, and the withdrawal from the upper boundary of the downward channel indicates the resumption of the downtrend.

Thus, the main support for the EUR/JPY pair is 130.80-70. The breakthrough of this level will open the way to support levels: 130.00 and 129.40-00. Resistance is located at the levels: 131.30 and 131.80.

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

Hanzenko Anton