EURJPY Analysis: Break strong resistance cluster
|On Monday it was expected that the common European currency will begin a decline against the Japanese Yen once the pair reaches the resistance cluster near the 132.50 mark.
Instead the surge, which was thought to be only short lived, has passed the resistance of three SMAs, upper trend line of a medium descending pattern and a weekly PP.
By the middle of Tuesday's trading it could have been observed that the rate faced a long term resistance line at the 133.00 level. If it gets passed, the 133.50 mark will be targeted next.
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