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EUR/JPY has formed a Channel Up pattern on 1H chart. The pattern has 58% quality and 76% magnitude in the 151-bar period.
The pattern started when the pair bounced from 96.540 and slowed down slightly above pattern's support at 98.644 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 1D time horizon indicating that the pair might bounce of the pattern's support. The SWFX market sentiment shows that 56% of trader currently hold long positions on the pair expecting appreciation of the pair. Long traders could set the first target at 24th of August peak at 98.837. If this levels is breached, next targets could at daily pivots at 98.931 (R1), 99.145 (R2) and 99.467 (R3).
Short traders, who expect the pair to depreciate and breach pattern's support could set the first target at pattern's support at 98.553. If this level is breached, next targets could be set at the daily pivots at 98.396 (S1) and 98.073 (S2).
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