EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY has been inching higher since the beginning of August, when the Euro bottomed out at the 135 mark. The most recent move has been the bullish one, and some indications suggest the trend will continue in the foreseeable future. Firstly, technical studies are bullish on both 4H and daily time frames, meaning that the pair's growth may well be prolonged until Monday. Moreover, 55-hour SMA will breach 200-hour moving average soon, which gives additional support for bulls. The next target for long traders is placed at 139.30 (weekly R1), followed by the pattern's upper edge at 140.20. Meanwhile, bears currently have only a slight advantage (52%) over bulls (48%) on the market.

© Dukascopy Bank SA
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