EUR/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is being pushed to the upside against the Yen by bullish factors from the Euro zone and broad weakness of the Japanese currency. EUR/JPY has just recently penetrated the monthly R2 at 137.93 and continues heading upwards. The pattern's resistance is located within a distance of one figure, but it is strongly guarded by the monthly and weekly R2 from both sides of this line. Short-term technical studies assume the pair will manage to advance towards this important mark; however, daily and weekly studies are mixed on longer-term perspectives of the pair. Moreover, there is no distinct advantage of either long (49%) or short (51%) opened trades.
© Dukascopy Bank SA
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