EUR/JPY 1H Chart: Channel Up

The pattern started when the pair bounced from 94.929 and slowed down slightly above 200 day SMA at 98.178 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on 1D time horizon suggesting that the pair will continue to follow pattern's trend. Long traders could set their targets at daily pivot (S1)/Fibonacci (23.6% of move since August 10) at 98.373/385 and daily pivot (PP) at 98.609.

Technical indicators on aggregate point at depreciation of the pair on 1H and 4H time horizons suggesting that the pair will continue to depreciate and move towards pattern's support. The SWFX market sentiment shows that 51% of traders currently hold short positions on the pair in comparison to 56% holding long positions 8 hours ago. Short traders should set their targets at daily pivot (S2)/200 day SMA at 98.073/044 and daily pivot (S3)/Fibonacci (38.2% of move since August 10) at 97.895.