EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 149 trading hours EUR/JPY has been trending downwards within an almost 250-pip wide corridor. This period was marked by a breach of the 200-hour SMA, although it appears the significance of the line is currently decreased—the currency pair often disrespects the moving average. Meanwhile, the technical indicators on 4H and daily charts contradict each other and traders do not seem to be decided regarding the price's direction in the future as well, since the advantage of bears (55%) over bulls (45%) is negligible at the moment, but we still see a dip down to 127.78 as a more likely scenario than a rally beyond 130.68/33.

© Dukascopy Bank SA
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