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EUR/JPY - Technical analysis of the EUR/JPY currency pair on December 17

EUR/JPY, currency, EUR/JPY - Technical analysis of the EUR/JPY currency pair on December 17

On the daily chart, the pair has moved up from the range of 127.50-128.70, and the upper limit now acts as a support level.  Despite the formation of a large "shooting star" on Thursday, there has been no confirmation yet. If the pair holds above 128.70, it may even be a bullish signal - since the bearish one would not receive confirmation. By itself, the exit from the range up is also a bullish signal, as well as the pair reaching a new higher maximum. According to the directional movement indicators, growth is becoming a trend: DM+ is now higher than DM-, the MACD histogram is already growing in the positive zone.

On the four-hour chart, after a sharp decline from 129.60, the pair received support at the previously overcome upper limit of the 128.70 range. Since the beginning of December, the lows of the pair have been rising, and so far, continued growth remains preferable. Also, the pair is above the trend line, if you build it at the lows in December. If the pullback continues, the pair may receive support on the trend line.

Resistance level: 129.00; 129.60

Support levels: 128.70; 128.00

EUR/JPY
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