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EURJPY : Might Pare its Gains for Now, Bearish Trend Emerging

EURJPY : Daily Chart

EURJPY currently testing the resistance at 137.86 and might decline form this level as the moving averages are signaling a downtrend continuation. There seems a rising support which is preventing the pair in declining further. Although overall trend seems bullish, as the pair is following an ascending triangle pattern but it might pare gains for now by declining from the resistance and again rise after find support from the rising support trend line. The next resistance if it breaks out from the triangle is at 138.41. However if it declines the nearest support is at 136.90.

EURJPY : 4 Hour Chart

On the 4 hour chart, the trend is signaling that the pair is going to decline in near future as it is following a rising wedge trend. According to the trend, the pair should decline from the rising support trend line of the wedge. The next nearest support for the pair if it continues to decline are at 137.21 and 136.97.