EUR/JPY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY consolidated the flattish surging motion it had taken up earlier inside the bounds of a symmetrical triangle pattern. The pair has recently broken the formation and undergone a somewhat appropriate retracement and is currently on a downward sloping motion which is likely to be cut rather sooner than later and possibly make 123.40 the next target. The daily Pivot Point at 122.76 could be an area of interest, but a dip below could enforce the inconclusively sketched ascending channel pattern, making the 122.37 bottom trend-line as one to cause a bounce to the north. Demand zones at 123.08, 122.76 along with an additional cluster below, will mess with the motion to spill in some flatness.
© Dukascopy Bank SA
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