EURJPY is breaking out
EURJPY has broken below the rising wedge 126. A close above 126.500 is required for the upside continuation and extension higher to test the new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 123. A break below this level would lead to a deeper correction lower. The overall long-term is downtrend and we need to see a break below 122.300 for a downside extension.
Note – We are more inclined to a short trade entry upon a break below 123
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