The price is approaching the upper bound of the yellow channel. It is likely that in the near future we will see a re-touch of the upper yellow bound near the level of 121.42, after which a reversal is possible and the beginning of a decline in the direction of the support level of 118.23. Confirmation that the bears really aimed to reach the specified support level will be a moving average breakdown near the level of 120.543. If there is a break above the level 121.425, the downward scenario can be canceled.SimpleFX EURJPY Chart Analysis: October 21, 2019
The price is approaching the upper bound of the yellow channel. It is likely that in the near future we will see a re-touch of the upper yellow bound near the level of 121.42, after which a reversal is possible and the beginning of a decline in the direction of the support level of 118.23. Confirmation that the bears really aimed to reach the specified support level will be a moving average breakdown near the level of 120.543. If there is a break above the level 121.425, the downward scenario can be canceled.
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