Cross-rates signals: cross EUR/JPY forms a “double bottom” figure

After a repulse from the level of 134.40 and justification of expectations for this cross rate, the pair EUR/JPY finished forming the figure “double bottom”. As a result, one should expect a repeat of the test of resistance at 134.40-50.

The breakthrough of level 134.40 and fixation of the price above will indicate the start of the formation of the figure “double bottom” and the further strengthening of the cross EUR/JPY. In case of working out this figure, the nearest resistance levels and targets are: 135.00 and 135.50-70, the upper limit of the ascending channel. Support is located at the level of 133.80-134.00. The repulsion from resistance 134.40 cancels the possibility of the figure formation.

The EUR/JPY graph H4. The current price is 133.80.

Hanzenko Anton