EUR/JPY 4H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
A break below the bottom trend-line of the three-month symmetrical triangle provided significant supply pressures to build up bearish momentum that EUR/JPY is about to release when the consolidation of the broken trend-line at 114.23 is executed. Levels 113.66, 113.76 and 114.03/08 are bound to put up a battle on the pair's way up, potentially flattening and prolonging the recovery phase. Facilitated by various time-frame SMAs pushing from above, the rate will incur losses as the death cross formation kicks in, setting levels of significance that were targeted on the way up as near-term supports. A general movement down is supported by the majority of technical indicators as well.
© Dukascopy Bank SA
© Dukascopy Bank SA
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