EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, only 51-bar long, channel up pattern formed by EUR/JPY represents a part of a sharp rally started on March 28. The advance has already sent the pair from a three-week low of 139.97 to a one-month high of 143.47 in less than a week.
Now the pair is sitting near the lower limit of the pattern and if it manages to bounce off this level, it may re-approach the recent high. Traders neither support bullish scenario nor disagree with it-proportion of long to short positions on the SWFX is almost 1:1. Technical data sheds some light on the obscurity of the future pair's moves, sending bullish signals for short and medium perspectives.
© Dukascopy Bank SA
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Thu, 03 Apr 2014 06:49:54 GMT

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