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

The cross-rate EUR/JPY, after growing at the beginning of the week, returned to the settled sideways trend, which can be traced for the last three weeks. The return of the pair in this trend indicates the possibility of growth from the support level of 130.20-00, which corresponds to the lower boundary of the channel.

The formation of a reversal from this level will indicate the possibility of strengthening the EUR/JPY pair to the resistance levels: 131.30 t 131.60-70, which also confirms the slowdown of the general downtrend on this cross. Fixing the pair below 130.00 cancels the scenario for strengthening.

Fig. EUR/JPY. Current price – 130.50

Hanzenko Anton