EUR/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro remains in a short-term decline mode against the Japanese Yen, even though it is attempting to stop losing value. For now we see the 126.78 mark as the main obstacle for EUR/JPY, despite the fact that this level is not backed by any other technical support. Here the pair has been unable to dip lower for two times over the past two days. Therefore, there is a high chance the common European currency will be forced to resume growing within the pattern earlier than it is expected at the moment. Major rallies should be contained by the weekly R2/daily R1 at 127.56/61, as they are followed by the upper boundary of the pattern at 127.78. Meanwhile, SWFX sentiment is largely mixed (only 53% bullish).
© Dukascopy Bank SA
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Wed, 30 Mar 2016 14:13:04 GMT

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