EUR/JPY has successfully broke out of its bearish downtrend channel and has made higher highs and higher lows.
EUR/JPY has successfully broke out of its bearish downtrend channel and has made higher highs and higher lows. However, after running into resistance at 137.39, the old April 6th high, EUR/JPY still looks strong enough to break through and take out the October 14th high of 141.72. Dropping down to a 4-hour chart we can possibly find a better entry in the 132.50-134.00 area. Or wait for a break above 138.00 to enter long with stops just below 136.00.
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