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

Cross EUR/JPY is trading in an uptrend for almost a month, indicating a reduction in risk in Europe. At the same time, the last week turned out to be correctional, actually returning this pair to the significant support levels of 124.50 and the lower border of the trade channel.

The EUR/JPY pair, despite the correction, continues to trade in an uptrend. Deals for the purchase should be considered on breaking through resistance 124.60-80, which will indicate the resumption of growth and open the way to resistance levels: 125.40 and 125.80. Significant support is located at the levels: 124.30 and 124.00, its update will cancel the growth expectations and will question keeping the uptrend.

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Hanzenko Anton

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