EUR/JPY 1D Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been narrowing it's trading range after it hit 133.7. Pressure coming from this important psychological level most likely kept the pair at bay in the length of the pattern. Despite the fact that a distinctive short term rally and long term trend led to the pattern, Fibonacci retracements does not seem to be playing any role. It is worth pointing out that despite the just above the average magnitude rating we should expect major moves some time soon. First of all, due to the fact that the pair is trading in the last 20% before the pattern's apex. Secondly, next upcoming weeks will be marked with the releases of significant fundamental news.

© Dukascopy Bank SA
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Mon, 09 Sep 2013 14:35:21 GMT

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