EUR/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most studies imply that EUR/JPY is to keep falling, but there is one counterargument strong enough to negate the bearish bias. The pair has formed a well-defined descending channel, and the negative outlook is further reinforced by the four-hour technical indicators and the fact that the Euro is overbought—69% of positions are long. Right now, however, the currency pair is facing a major support level at 120.55, the one created by the 15-month down-trend line, meaning whether the price closes above 121.20 or under 120.55 is critical. In the first case our target will be a cluster of resistances circa 122 yen, whereas the second case should result in a sell-off down to the February 2013 low at 118.70.
© Dukascopy Bank SA
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