EUR/JPY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY is nearing the neck-line at 139.37 of circa 300-bar long double bottom pattern the pair has been shaping since mid-May. A climb to this significant level was underpinned by the recent plunge to 137.96, a four-month low.
At the moment, market players on the SWFX are not univocal in regards to whether we will see a breakout soon; the proportion of long positions is almost equal to the proportion of short ones. Meanwhile, technical indicators show a clearer picture, sending ‘buy' signals for short and medium terms and a ‘sell' signal for the long-term.
© Dukascopy Bank SA
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