EURJPY has been quietly moving north for a long time. As a result of these gains, pair has already overcome extremely important resistance at level 127.40, so it would seem that this trend will continue. Looking on weekly chart it is worth noting, however, that this level has still not been tested from the top as support as what technically (in keeping with the polarity rule) should happen.
On the H1 chart, we note that as a result of last week’s decline, the market yesterday hit the bottom of the upward channel. Currently the course is in the vicinity of local support, and if there is a greater demand response in this area, we expect to see at least a growth correction. However, if this level is overcome, then we could expect continuation of declines just in the area of already mentioned level of 127.40.
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