EUR/JPY 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Notwithstanding formidability of 200-bar SMA at 138.80 that was impenetrable during almost a month started early May, EUR/JPY managed to surpass this level and now is attempting to consolidate above it. If the pair succeeds, we are likely to see a long-awaited rally towards 140.09, the neck-line of the 211-bar long double bottom pattern; this may finally lead to the breakout that has been delayed for several weeks due to EUR/JPY inability to overcome the 200-bar SMA. However, market players are not so optimistic about the pair's prospects – 50% of them hold long positions, while 50% are in favour of a bearish scenario.
© Dukascopy Bank SA
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