EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being underpinned by the long-term moving average, the Euro continued to outperform the Japanese Yen, thereby giving a possibility for the channel up to make its entrance. Given that the currency pair is presently oscillating near the lower boundary of the corridor, we are inclined to believe that EUR/JPY will soon commence rising, an idea that is supported by the weekly technical indicators.
However, we should recognise that the figure is not yet reliable, since both trend-lines forming it were respected by the market on too few occasions, but a rebound from 142.57 will greatly increase the quality of a pattern.

© Dukascopy Bank SA
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