EUR/JPY 1D Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-yen cross has been developing in the ranks of a Rising Wedge more than a year (367 trading days). Pair has exceptionally high quality rating (85%) and, at the same time, high magnitude gauge which suggests a possible major gains. Although technical indicators on aggregate on all relevant horizons point at appreciation of the pair we should take into account the fact that quite a few individual technical indicators give neutral outlook. Combined with the fact that for the past 5 trading weeks the pair has been moving along the pattern's support it suggests that there is no strong driver behind pairs moves. However, outlook remains bullish.

© Dukascopy Bank SA
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