EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Soon after breaking out of the symmetrical triangle (Jan-Apr) to the downside, EUR/JPY started to form another pattern, this time—a bearish channel. Accordingly, the Euro is likely to continue losing value against the Japanese Yen in the foreseeable future. Such a scenario is also supported by the technical indicators, especially on the daily and weekly time-frames. The currency pair is expected to fall beneath the Aug 8 low while staying capped by a down-trend line and long-term moving average at 137.50. However, the SWFX do not fully agree with such a scenario—they are almost equally divided between the bulls (48%) and bears (52%) at the moment.
© Dukascopy Bank SA
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