EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the Euro trend against the Japanese Yen, we may see some similarities with EUR/AUD pattern. The Euro again demonstrated its inability to gain value versus its overseas peer thus forming a 99-bar long channel down pattern.
Now the currency couple is sitting close to a two-month low of 139.89. However, a future direction of the pair seems unclear-market participants are undecided, with 54% of positions being long and 46% being short. Technical numbers also are neutral for short and long terms but are pointing to a possible climb in the medium-term.
© Dukascopy Bank SA
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