AUD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Staying relatively closer to the bottom trend-line than the upper one, EUR/JPY traded consistently inside of a channel up for a month, executing several false downside breakouts. While indicators remain strongly bullish, the pattern appears mature enough to break sometime soon – a prospect strengthened by a wedge-like formation sketched recently. Squeezed between SMAs at 79.84/86 and 79.55/52, the rate could undergo some consolidation before a clear direction is set. A surge would be stalled by 80.36 where the newly formed wedge and daily R1 provide supply with major risk at the 80.96 area, while on the downside EUR/JPY would face the bottom trend-line of the channel at 79.21.
© Dukascopy Bank SA
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Fri, 28 Oct 2016 06:35:02 GMT

USD/TRY 30M Chart: Channel Up

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Thu, 27 Oct 2016 06:38:24 GMT

EUR/JPY 1H Chart: Channel Up

EUR/JPY executed its first consistent rise since the beginning of October, and shows little doubt on the strength of the uptrend. Currently hovering mid-channel, the pair will launch a new attack at the 200-hour SMA confluence at 113.73 which in its nature releases a strong BUY signal. Inching down towards the bottom trend-line, the rate will tap it around 113.67

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