EUR/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During more than a month ended late January, the single European currency was gradually depreciating against the Japanese Yen; the downside trend came to an end on January 28 when the pair entered an ascending triangle pattern.
Now the currency couple seems to have broken out of the triangle, plunging below the lower boundary and the 50-hour SMA at 139.44 several hours earlier. However, a sharp decline that usually follows a bearish breakout has not happened yet. Furthermore, more than 55% of market participants are bullish on the pair, adding to signs that the breakout might have been false.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.