EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Taking into account recent depreciation of the Japanese Yen, a channel down formed by EUR/JPY looks rather unusual. However, this retracement can end soon and we will observe further appreciation of the single currency versus the Japanese Yen, as the majority of technical indicators on aggregate are sending "buy" signals. In case of an upside breakout, higher prices are expected. In case of disappointment, the pair will continue channelling downwards until it reach either of trend lines.
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Fri, 12 Jul 2013 14:17:23 GMT

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