EUR/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single European currency has been consistently gaining in value relative to the Japanese Yen since Nov 7 and at the same time has been trading within a bullish channel. Yesterday, however, the currency pair nearly exited the rising corridor after forming two consecutive peaks around 135.40.
Still, the bullish support trend-line was able to negate the selling pressure and sent the price back up to the upper boundary of the channel. Nevertheless, at the moment we face an even greater risk of bearish break-out from the formation, which may entail a decline down to the support at 134.62.
© Dukascopy Bank SA
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