EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY has been in a strong down-trend since last year's December, and the pair is already trading at the levels seen in 2013. The recent rally did not turn into a reversal, failing at 131.30. Now the outlook is once again negative, as confirmed by the technical indicators. The upside is limited by resistance at 130.00 (weekly PP, down-trend, and 200-hour SMA). The immediate support is at 129.00, but supply of Euros should eventually push the price towards the Mar 13 low at 127.00, violation of which in turn will confirm the pair's long-term bearish intentions. Nevertheless, there are still more long positions open in the market than there are short ones, 55 and 45%, respectively.
© Dukascopy Bank SA
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