EUR/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A retreat from a recent high hit on October 22 appeared to be short-lived as EUR/JPY resumed its bullish trend after it touched a one-week low the next day and shortly after the currency couple shaped a rising wedge pattern. Now the pattern is only 82-bar long and the pair does not show intention to breach any of the pattern's boundaries, implying that the pattern is likely to persist in future. Market players also believe that EUR/JPY will continue vacillating within the pattern; 63.83% of them are bullish on the pair. Meanwhile, technical indicators are sending neutral signals for the short and medium term and are bullish for the long-term.
© Dukascopy Bank SA
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Wed, 30 Oct 2013 07:57:28 GMT

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