MWellerFX

EUR/JPY on Verge of 3-Month Trend Line Break

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FX:EURJPY   Euro / Japanese Yen
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The EUR/JPY is testing 3-month bullish trend line support after putting in a lower high last week. If rates can break through this level, it would expose support at 99.50 or 98.00. Risk appetite is clearly bearish , with U.S. stocks at 1-month lows, which could also pull down EUR/JPY and lead to a conclusive trend line break .

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Followed.
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Agreed.
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MWellerFX - another angle to look at thsi. 100 price level is a major psychological and technical support level. If it can break through 100, we could see this drop down to the around 98.00 (which is the 61.8% retracement of the last major upswing). If we see it bounce off 100 again or breaks above this upper trned line, we could see a climb all the way up to 110.00 (which is the 161.8% extension). Happy Tradinghttps://www.
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