EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bearish pattern we have spotted at the end of the previous week continues to develop. Since last Friday EUR/JPY has managed to confirm both trend-lines forming the channel. Consequently, we expect the price to top out at 133.50 and give way for a new bearish wave that could potentially extend down to 132 yen. Alternatively, if the indicators turn out to be true and the rate jumps above the falling trend-line and the 200-hour SMA, the bulls will likely push the pair up to the level of 134 yen, where resistance is represented by the weekly R1 and some of the recent highs. Meanwhile, the SWFX sentiment is slightly bearish—57% of positions are short.
© Dukascopy Bank SA
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