EUR/JPY 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A descending triangle formed by EUR/JPY is only 66 bars long. Nevertheless, triangles usually offer the best opportunity for traders, as in a short period of time market become highly volatile. In our case the pair has performed a throwback, which is usually even more interesting than a breakout. After touching pattern's resistance once again, the EUR/JPY pair will climb higher, as technicals on a daily chart are pointing at pair's appreciation. Despite the fact market sentiment is bearish (53%), the outlook for the pair is bullish, as without a significant bearish bias the pair will not be able to penetrate pattern's support and a 200-period SMA. The key level for long traders is 141.68.
© Dukascopy Bank SA
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