EUR/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is surging against the Japanese Yen in accordance with an ascending channel pattern, as the currency exchange rate is approaching the resistance of October and September high level of 116.25. Although, in the recent months the currency pair has been bouncing around the 200-period SMA, which indicates that it might not break the resistance just mentioned, as the SMA is below the rate. Such a hypothesis is also supported by the clues given by the SWFX market sentiment, as 62% of open positions are long. It seems that there is still room for the rate to surge until it becomes overbought, and by that time it will reach the previous high levels. Moreover, if the rate passes the 115.72 level, there is no resistance at all until 116.25.
© Dukascopy Bank SA
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