EUR/JPY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to the previous currency pair, EUR/JPY has also formed the ascending triangle figure, following a failure to decline beyond 127 earlier in March of this year. At the same time, this pair is testing the lower upward-sloping boundary of the pattern at the moment, which is reinforced by the weekly S1 at 128.98. Judging from technical indicators on all time-frames, bears should push the Euro through this area to the downside. If it happens, the next major support area can only be found at 125.69 (monthly S1). On the contrary, SWFX traders are broadly undecided with respect to pair's perspectives, as bulls (52%) have only a minor advantage over bears right now.
© Dukascopy Bank SA
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