EURJPY is attempting to break through resistance. The trend is bullish, and the probability of continued growth after consolidation above 174.50 is quite high...The market is forming an uptrend amid a decline in the dollar index. EURJPY looks quite strong, breaking through resistance at 174.47 sends the price into a void zone where there are no barriers to growth.
A breakout of the “ascending triangle” consolidation resistance is forming. If the bears keep the price above 174.47, the market may enter a distribution phase...
Resistance levels: 174.47, 175.0
Support levels: 174.226, 173.86
The classic technical model for the continuation of the movement is a breakout of the resistance of the ascending triangle. Consolidation of the price above 174.47 - 174.5 may provoke a continuation of the movement within the bullish trend.
Best regards, R. Linda!
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