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Current trend

On the 4-hour chart, EUR/JPY keeps a negative dynamic. The price is approaching strong support in the region of 120.117. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 119.922. A decisive breakdown of 119.922 is needed to indicate the downtrend resumption. In this case, the next targets of sellers will be the level of 119.610.

Alternative scenario.
The rebound from the level 120.703 and pair’s sustained trading above 120.313 will be a signal for upward correction formation. In this case, the next targets of buyers will be the area of levels of 120.508-120.603.
Technical indicators maintain a sell signal. Bollinger Bands are pointed downwards. The volumes of MACD histogram are growing in the negative zone. Stochastic is in the oversold zone and is pointed downwards.

Support and resistance

Support levels: 120.117, 119.922, 119.610.
Resistance levels: 120.313, 120.508, 120.603.

Trading recommendations

Short positions can be opened below the level of 120.117 with the target at around 119.922-119.800 and stop-loss at 120.222.
Long positions can be opened above the level of 120.313 with the target at around 120.508-120.603 and stop-loss at 120.213.

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