EUR/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been exceptionally strong against the Japanese Yen recently. Late December the pair hit the highest level since at least 2009 of above 145 and after a short and mild decline the pair again got an impetus for a climb.
At the moment, EUR/JPY is bounded by trend-lines of a 163-bar long ascending triangle and is likely to remain steady in the hours to come. The SWFX data signals that the proportions of long and short positions are almost equal, whereas technical indicators send clearer signals, suggesting that the pair may enjoy rally in the following hours.
© Dukascopy Bank SA
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