EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/JPY cross is trading in the bearish channel since the beginning of July. Recently, the pair has breached the upper boundary of the channel; however, it managed to return back very fast. At the moment the Euro is facing a major level at 137 and, if it is breached, the Euro will most likely drag down in the direction of the lower boundary of the present pattern. However, considering quite a wide range between two trend-lines, the pair will have to overcome a number of support levels, including the weekly PP at 136.86 and the cluster of support levels at 135.71 (weekly S1, Aug 8 low, down-trend). Traders, in turn, support the further decline of the pair (63% bearish).
© Dukascopy Bank SA
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