EUR/JPY 1H Chart: Channel Up

EUR/JPY is not wasting time trading sideways, but is quickly rising. This is why the currency pair formed a channel up pattern, which creates the support at 131.43 and at the same time the resistance at 132.32. Judging from this set-up, also considering the signals provided by the technical indicators on 4H and daily charts, the Euro should continue winning against the Japanese Yen, at least in the short term. However, this view is not shared by the SWFX market participants, 69% of whom have already shorted the common currency, betting this rally will not live up to the expectations of the bulls.