EUR/JPY 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook is strongly bullish on EUR/JPY, as the currency pair has just broken out of the pattern to the upside. Considering the height of the pattern, which is 750 pips, the price has the potential to rise up to 143 yen. But the Euro will have to overcome a number of tough resistances. The first barrier is around 137 yen, where the monthly pivot point merges with the long-term SMA and some of the recent highs, followed by the monthly R1 and weekly R3 just above 140 yen. And while the technical indicators mostly reinforce the positive bias, the SWFX traders are not entirely convinced that the Euro is going to outperform the Yen. At the moment only 53% of positions are long.
© Dukascopy Bank SA
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Thu, 23 Jul 2015 06:39:31 GMT

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