EUR/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge emerged to guide EUR/JPY movements, showing a single downside breakout on the day the POTUS Donald Trump was elected. While currently supposed to move south, the pair has been distracted from the wave with a slightly bullish consolidation. We still look for the pair to reach the bottom trend-line around 115.40, and the pattern could be mature enough to break right then and there, shifting risk to 114.72/58, where several supply levels cluster. A bearish outlook is consistent with the uncertainty prevailing in markets upon recent polit-economic developments encouraging investors to shove wealth into safe haven assets.
© Dukascopy Bank SA
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