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EURJPY has been on an uptrend since September 2020, reaching a high of 147.05 in January 2021. However, recent developments in the market suggest that the trend is now under threat, as the Japanese yen appears to be recovering. The EURJPY pair has successfully broken out of its uptrend, and we are now closely watching for potential support and resistance levels.
141.500
Entry Price
138.000
TP
144.000
SL
77.9
Pips
Profit
138.000
TP
140.721
Exit Price
141.500
Entry Price
144.000
SL
The first level of interest is the 142.00 supply and demand zone, which could serve as a potential retracement of the trend line. If the rejection is confirmed, the next support and resistance zone that EURJPY will face is 138.00. This level has been a significant price point in the past, and traders will be watching it closely.
Furthermore, the intraday charts are forming a bearish pennant, indicating that the market is consolidating before a potential bearish breakout. If this pattern confirms, we could see a bearish move in the EURJPY pair, which could take it towards the next significant support level.White Label
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