EUR/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a long period of losses, the Euro is now rallying against the Japanese Yen. The 2015 low at 126, a starting point of the present pattern, has been touched in the middle of April. However, the correction is very likely in the nearest future, as the pair bounced back from the upper trend-line last week. In case monthly R1 at 137.93 is crossed, the pair's next target will become a dense area of supports around 136, which includes the lower trend-line. On the other hand, any downward move is expected to be short-lived, considering that daily technicals are pointing upwards. Meanwhile, market sentiment is completely undecided at the moment, with both bulls and bears holding 50% of all trades.
© Dukascopy Bank SA
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