EUR/JPY 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our bias towards the Euro against the Yen is strongly negative. EUR/JPY is right at the apex of the consolidation pattern it has formed after a decline. Accordingly, we expect a break-out to the downside. At the same time, a majority of the technical indicators in all three relevant time-frames is giving a distinct ‘sell' signal. Once below 127.70, the initial target will be the monthly S2 at 126.80, while the main demand area is seen at 126.12, represented by the last year's low. The outlook will be changed if the price manages to rise above the monthly S1 level at 128.60. The rally will then likely extend up to 130.50, where the weekly R1 merges with the falling resistance line.
© Dukascopy Bank SA
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