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Long Term Outlook on EURJPY

EURJPY has broken the support trend line of the descending triangle and is currently testing the next support level at 139.08. As I mentioned in my previous blog on this pair that the pair will continue to follow the downtrend by breaking the support trend line, it reacted today confirming the continuation.

Now if the pair continues to decline it will find the next support level at 137.468. On the stochastic oscillator we can see that the %K line is still above the %D line so more losses to come. When %K line will cross below the %D line it will signal the change in trend and the pair will then find the support and rise.