EUR/JPY 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having approached a five-year high of 145.70 in the very end of 2013, EUR/JPY changed direction and followed a pronounced down-trend that eventually caught the pair into zone restricted by two downward sloping and gradually converging lines.
Recently, the currency pair has attempted to breach the pattern's lower limit and, indeed, it succeeded but a slump to almost a two-month low of 139.19 unexpectedly gave the pair an impulse for a climb and the instrument returned to the pattern's area. In the hours to come, EUR/JPY may continue its appreciation as 64% of traders are holding long positions in the pair.
© Dukascopy Bank SA
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