EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY failed to step above the nine-month high of 123.43, showing the fourth consecutive unsuccessful attempt, this time not even touching it. The pair has now sketched a channel down pattern on the hourly chart which appears to be still holding strong. It is currently in the middle of the pattern and on its way towards the bottom trend-line around 120.96. The recent stickiness of the upper trend-line has given out some slightly bullish signals, but a solid test of the bottom boundary could once again shift potential to the downside and the pair appears to be doing just that.
© Dukascopy Bank SA
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