EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish channel emerging on the hourly chart of EUR/JPY. Once the currency pair overcomes tough resistance at 134.40, the path towards the recent high at 135.70 will be more or less free. And while the near-term indicators do not support the bullish scenario, most of the daily studies are in fact pointing north.
Meanwhile, the key support is at 133.50, created by the up-trend, daily S1 and most recent lows. In case the price closes beneath this level, the target will be the weekly S1 at 132.93, followed by the weekly S2 at 131.58. As for the sentiment, there are currently more bears than bulls in the market: they take up 58% of the total number of traders.
© Dukascopy Bank SA
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