EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that EUR/JPY is struggling with the weekly R3, we retain a bullish outlook. The currency pair is expected to gain a foothold above 138.70 and eventually rise re-visit the June high at 141 yen, while staying between the two parallel rising trend-lines. Alternatively, in case 138.50 fails to remain intact, the losses will likely extend down to 137.70. Additional significant supports levels are at 137 (weekly R1), at 136.65 (200-hour SMA), and at 136 (weekly PP). As for the attitude of the SWFX market, the traders appear to be undecided with respect to the Euro's performance relative to the Yen: 48% of positions are long and 52% are short.
© Dukascopy Bank SA
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