The market moves at the top of the yellow channel. Since we recently saw the price rebound from the upper yellow bound, at the moment the bears can gain the potential to gain a foothold below the support level of 120.82 and below the moving average.[button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#df4444″]SELL EURJPY[/button] [button link=”https://app.simplefx.com/login” size=”medium” target=”new” text_color=”#eeeeee” color=”#3cc195″]BUY EURJPY[/button]
If this happens, the market will open the way to the lower bound of the yellow channel and the support level of 118.48. In this case, we will expect a decline in the next trading weeks. An alternative option is a price increase to the upper bound of the yellow channel and the resistance level of 122.01. It is shown on the chart by a thin white line.
