EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been outperforming the safe-haven Yen since mid-July, and it appears the tendency is going to persist for some time. EUR/JPY should rebound from the rising support line at 136.41 and then surpass the Jul 27 high; the target will be a cluster of resistances at 137.80/60.
On the other hand, if the pair slips under 136.40, the losses will likely extend through the rest of the daily pivots down to 135.70/50, namely to demand area created by the weekly PP, Jul 24, and 200-hour SMA. Meanwhile, judging by the SWFX sentiment, traders cannot reach an agreement for now: 52% of open positions are long and 48% are short.
© Dukascopy Bank SA
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