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EUR/JPY Continues to Pressure Triangle Resistance
Consolidation? The 4H chart show a market that has been consolidating since an early April bull swing that stopped at 131.11. You can see that there has been a general congestion with lower highs and higher lows, but its more of an ascending triangle than a symmetric one. The structure reflects a market that continues to put pressure on consolidation resistance more than support. Still the bullish outlook is limited until price can clear above the 131.11 high. Breakouts: A break above 131.11 can open up the next resistance pivot around 134.40, which was also the 2010 high. To the downside, there is a small ... (full story)