Trade EURJPY as the Pair Enters New Volatility Period

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The current EURJPY structure hints at the formation of a downward movement in the corrective form, which began after the price rebound from the upper bound of the yellow channel.

It is possible that this trend will continue until the lower bound of the yellow channel is reached near the support level of 119.57.

However, if the bulls manage to break above the upper green line and the resistance of 121.76, the price will again open the way to the upper bound of the yellow channel. In this case, the market growth can be continued to the resistance of 123.38.

The approximate scheme of possible movement options is shown on the chart.

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