EUR/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY is not willing to extend January's sell-off, being that the pair is trading within the boundaries of a bullish channel. However, there are signs the Euro has lost its upward momentum and may soon close beneath the up-trend at 135.00. First, in the recent past the rate has repeatedly failed to surpass the 200-period SMA, which must be breached for the pair to confirm its bullish intentions. Second, the technical indicators do not favour appreciation of the common currency; instead, they imply depreciation. A breach of resistance at 136 should lead to a rally to the upper trend-line 138.00, while a breach of support at 135.00 will expose 134.00, 132.40, and 131.00.
© Dukascopy Bank SA
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