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EURJPY – Uptrend Channel Breakout

EURJPY – Uptrend Channel Breakout





For some time now we have seen a good positive rally in EURJPY. There was a good bounce in the EURJPY from its low level of 127.50 which took the EURJPY up to the level of 131.50. But earlier this week we saw a selling coming up in EURJPY which shows that now the bulls are going out from   the market and the bears are entering. Technically, selling can now be seen in EURJPY and recently EURJPY has given a breakout of its ascending channel as shown in the chart.131.00 level can be an important support level, if market gives closing below it then we can see selling trend in coming sessions. On its four hourly chart, RSI is printing near the level of 50 with downward slop. On the other hand 131.50 level can react as a strong resistance zone.