© Dukascopy Bank SA
As most of the pairs, which denominate yen as a foreign currency, euro-yen cross has been holding bullish trend for some time now. After a recent rebound from the pattern's resistance pair has been moving towards the pattern's support rather neatly. To give the complete picture, however, we should inform that on the same chart (4h) there are few Rising Wedge pattern's whose support line have been recently breached. As a consequence we might see a pullback. However, currently presented pattern seems to be showing the situation in the market better and pair depreciation in the short term and appreciation in the medium to long term is expected.
© Dukascopy Bank SA