SimpleFX EURJPY Chart Analysis: October 4, 2019

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The market continues to move in a downward direction to the lower bound of the yellow channel. At the moment, the target for bears is the support level 116.46, which is located on the lower bound of the yellow channel. If the price continues to move below the moving average line, the previously specified level will soon be reached. However, if we see a breakdown of the moving average up near the resistance level of 117.72, the bulls will open the way to the upper bound of the yellow channel and the resistance level of 118.81.

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