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EUR/JPY forms Triangle chart pattern

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EUR/JPY moves somehow sideways in the short term. It is trapped within the Triangle pattern. EUR/JPY could turn to the upside only after breaking above the downtrend line and after jumping above the 130.45 high. Dropping below the black uptrend line could signal that the pair could resume its downside movement.

Trading Conclusion

EUR/JPY could resume its downtrend if it drops below 129.00 psychological level. On the other hand, jumping above former high of 130.45 may signal an upside reversal.

The material has been provided by InstaForex Company - www.instaforex.com