EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY is well-positioned for a decline. Right now the currency pair is fluctuating next to the upper boundary of the potential bearish channel. The resistance at 134.70 is also reinforced by the weekly pivot point and 200-hour SMA. Another reason to be bearish is the technical studies that are pointing south in the four-hour and daily timeframes. In a bearish case the first target will be the Sep 23 low at 133.15, while an upward correction will be expected to commence lower, circa 131.50. A close above 135.00 will imply a re-test of this month's maximum at 137.50. Meanwhile, the sentiment among the SWFX traders is neutral: 47% of open positions are long and 53% are short.
© Dukascopy Bank SA
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