EUR/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro– Japanese Yen cross has been appreciating for several months, as the Yen is still losing ground against its major peers after BoJ's stimulus announcement in April. In addition to that, the pair is likely to continue appreciating even despite it seems to be overbought already. This idea is supported by aggregate technical indicators on hourly and 4H charts. However, even in case of a retracement, the pair likely to face a difficulties around 130, where currently strands 200-bar SMA, and according to the latest performance, it is a key support level in a shorter term. Meaning all previously said, the outlook for the pair is bullish.
© Dukascopy Bank SA
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