EUR/JPY 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from mid-February, EUR/JPY cross has been forming the ascending triangle pattern on a 4H chart. However, on April 6 the pair failed to overcome one of the strongest resistance lines represented by 200-period SMA. As a result, the single currency was pushed considerably to the downside and confirmed the pattern  three days later. On its way down, EUR/JPY erased the monthly PP and 100/55-day SMAs and technical studies assume it will also breach the next major support at 125.69 (monthly S1). However, this demand is reinforced by weekly S1 from above, and as many as 58% of SWFX traders believe this zone will stop the Euro from falling further.
© Dukascopy Bank SA
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