Daily Price Action
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(VIDEO) EURJPY Technical Analysis & Key Levels to Watch

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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

Watch the video below for an update on the EURJPY price action I discussed on Sunday.

Don’t forget to scroll down for more commentary and an annotated chart.

The EURJPY is starting to look primed for a move higher.

The recent higher lows into channel resistance from the April 17 high suggest that buyers are willing to step in at higher prices.

I discussed this channel and the potential for a break higher at the end of Sunday’s Weekly Forex Forecast video.

Despite this week’s retest of the 119.70 resistance area, buyers aren’t backing down.

That doesn’t mean a move higher will happen, though.

Remember that nothing is certain, and even a close above resistance could turn out to be a false break.

Also, as long as the 119.70 area is intact, sellers are in control.

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It’s important to respect the uncertainty and randomness that markets possess, especially when position sizing.

But I do think that a daily close above channel resistance near 119.70 would attract additional buying pressure.

It would also expose the 121.00 region.

That level is a little messy on the daily time frame, but a view of the weekly chart illustrates it well.

Break that 121.00 resistance area, and EURJPY could tag the July high at 123.40.

Just keep in mind that the big-picture view for EURJPY still looks relatively bearish.

That means a break higher could be nothing more than a relief rally.

It doesn’t mean you can’t buy EURJPY if buyers do clear channel resistance, but it is helpful to put the short-term price action in context.

Be sure to watch the video above for more details.

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EURJPY descending channel on the daily time frame - technical analysis

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10 comments
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Ian says

Great video and content, thankyou.
So very clear, my trading really improved

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Nasir Muhammed says

Always looking forward to your analysis as they most time spot on. GBPCAD from your analysis had been making me money since last week. Thanks so much.

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mazen says

hi justin nice analys

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Banet Uganda says

Wonderful my friend

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Makhenekhe Frank Mongale says

Great. I am watching and learning. You’re a star

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Frank Mongale says

Thanks. Great. You’re a genius.

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Jay says

Forecast for September is on fire for sure!

Great work. Thanks Justin.

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ali says

Thanks sir justin.

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ASHISH says

Sir I am very thankful to you…
Because of you my trading has improved a lot and my loss has reduced….
Once again thank u sir….

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