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The EURJPY price is approaching a major high, this could see the current trend reverse.

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EURJPY Analysis

The EURJPY price is approaching a major high where we saw the price drop over 900 pips from in the past. The Euro has remained fairly flat in the market but because the JPY weakness has dominated the price of EURJPY has rallied significantly. The JPY weakness does look likely to continue as the stock markets begin to climb but often when we see a large move and high volatility in a market we can see a reversal form. 

EURJPY forex chart of the day

The price is currently in an upward trend but the bullish nature of the market has seen very few retracements and the price breaking through major levels. However, the price the market is heading too currently is a strong level of resistance and could be the area where we see the market reverse its current path. If the price is going to reverse we could look for reversal patterns at the major highs such as a head and shoulders pattern or a double top pattern. Either of these market patterns will be ideal in order to look for short trading opportunities. 

Do you trade AUDUSD? you can see our latest analysis here.

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