EUR/JPY 4H Chart: Channel Down

The Euro has been in a down-trend since the end of February; although, this particular channel started in the first part of June. It seems the trading range is narrowing, as during the last rally the currency did not reach the upper line around 138.35. The next target is below the 136 mark, which has not been breached this year. Nonetheless, for the trend to remain in effect EUR/JPY has to slide beneath this mark and then to bounce higher once again. The 4H and weekly technical studies support a scenario, where EUR/JPY declines, thus the downward trend will most likely persist.