EURJPY Shows an Enduring Trend – Time to Jump on the Bandwagon?

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The construction of a long trend within the yellow channel continues. The price alternately moves from its upper, then from its lower bound.

Since not so long ago we saw a rebound from the lower yellow wall, after which the market moved quite sharply into the central zone of the yellow channel, we can conclude that the bulls aimed at reaching the upper yellow bound and the resistance level of 125.10. If the hypothesis is confirmed, a fairly strong bullish trend will be expected during the next trading days.

The implementation of an alternative scenario in this situation is possible in the case of a break below the red line of the moving average near 121.44. In this case, in the following trading days, we can see a local decline to 120.83.

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