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

Cross EUR/JPY against the backdrop of growing problems in Italy broke the monthly uptrend and moved to correction. As a result, the EUR/JPY pair is forming a downtrend. Thus, with consolidation below 131.90-80 opens the way to support levels: 131.30 and 131.00, that corresponds to the trading range of the downtrend. Resistance levels are 132.30 and 132.50, the upper limit of the downward channel.

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Hanzenko Anton

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