EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that EUR/JPY has resumed the uptrend and continue appreciating, after a short retracement. The pair has already formed a channel up pattern, which usually forms in uptrends. As aggregate technical indicators are "neutral" on 1H and 4H charts, and the slight majority of market participants is opening short positions, a retest of the support line can be expected. However, in a longer term, the Japanese Yen is likely to continue losing ground versus the single currency, taking into account recent fundamental data, as well aggregate indicators on Daily, Weekly and Monthly charts.
© Dukascopy Bank SA
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Thu, 25 Jul 2013 13:05:58 GMT

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