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EURJPY → A break of resistance will lead to a rise to 164.0

2024-02-16 08:40 FOREX forecast

💡Ideas For EURJPY 🇪🇺🇯🇵

📈 EURJPY → A break of resistance will lead to a rise to 164.0

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EURJPY is realizing the potential of rebound from support and forms a retest of resistance. At the moment consolidation is forming above the level, which increases chances for further growth

snapshot

Globally, the currency pair continues to form a strong bullish trend, having left the previously formed ascending channel, which is currently a strong support area. The price is retesting the resistance at 161.87, after a small correction the chances of breaking through the level are increasing. The weakness of the Japanese Yen is quite clearly shown on the quotations. The price consolidation above 161.4 will allow to overcome 161.870 and continue the growth towards the range resistance - 163.6 and 164.2.

Resistance levels: 161.87

Support levels: 161.4, 160.9

The currency pair continues to strengthen, buyers are quite active. Consolidation above 161.4, breakout of 161.87 and consolidation above this area will form a local bottom for continuation of growth.

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