EUR/JPY 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Wednesday, the EUR/JPY currency pair depreciated down to the pattern's support around 134. Therefore, the common currency is forecasted to rebound in the foreseeable future, even though a number of attempts were recently stopped by the 200-hour SMA, currently at 135.21. 
According to the technical indicators on one-hour and daily time frames, the Euro will gain value in the next 24 hours. However, the long-term bullish outlook will be established, in case bulls succeed to push the cross above the monthly PP at 135.65. Meanwhile, SWFX traders are completely undecided on pair's perspectives, and the share of both bulls and bears equals to 50%.

© Dukascopy Bank SA
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