EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A downward-sloping channel formed by EUR/JPY is of higher quality than the one emerging in the H1 chart of the Euro's cross with the Pound because of more confirmations. The base case scenario is a sell-off from 137.40, where the daily pivot point coincides with the upper boundary of the pattern. The exchange rate should then slide down to the weekly S1 at 136.50. Even if resistance at 137.40 is breached, the outlook will remain bearish as long as 137.70 is intact. This supply level is mainly created by the weekly PP and 200-hour SMA. In the meantime, the SWFX market participants appear to be undecided: 47% of positions are long and 53% are short, meaning the sentiment is neutral.
© Dukascopy Bank SA
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Wed, 19 Aug 2015 12:44:14 GMT

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