EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been under the pressure since the last ECB's meeting, while more pain for the Euro is expected from the part of fundamental analysis. Technicals are supporting this idea, as aggregate technical indicators on the 4H and daily chart as well as market sentiment are pointing at further depreciation of the single currency versus the Japanese Yen. Additionally, a slight majority of all pending orders is placed to sell the pair. All these facts are speaking in favour of the retest of the daily S2 and pattern's support at 137.73. A move below it will clear the way for weekly S2 and weekly S3 at 137.64 and 137.14 respectively.
© Dukascopy Bank SA
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