EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During more than a month ended December 27, the Euro was rallying against the Japanese Yen. However, a rise to more than a five-year high of 145.71 enfeebled the pair and EUR/JPY entered a bearish corridor that has been restricting the pair's moves for more than a month.
At the moment, the pair is fluctuating between a bunch of four-hour resistances at 139.64/88 and a cluster of four-hour support lines at 139.39/15. Considering neutral technical signals and market sentiment the pair is not likely to perform large swings before long and may continue vacillating close to the current levels in the foreseeable future.
© Dukascopy Bank SA
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