EURJPY Triangle Watch

The euro currency is on the rise against the Japanese yen after the pair found strong buying interest from the 131.40 price area. The four-hour time frame shows that the EURJPY pair is currently trapped inside a large descending triangle pattern, between the 131.25 and 132.25 levels. As sellers cannot break under the triangle a coming test towards the top of the triangle seems likely.

If the EURJPY pair trades below the 131.40, sellers may test the 131.25 and 130.50 support levels.

EURJPY pair is only bullish while trading above the 131.40 level, key resistance is found at the 132.25 and the 133.15 levels

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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