EUR/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The European currency seems to be recovering against the Yen between two parallel trend-lines. This implies that a test of the support area at 136.25 should trigger strong buying, while if the price rises to 139.70, there is likely to be a decline of a correctional nature. Concerning a shorter-term perspective, the outlook is bullish as well. The price has recently rebounded from the 200-period SMA, and there is still some room left to cover before an encounter with the monthly R1. The main obstacle, however, is the August 23 high standing at the level of 139 yen. Meanwhile, the distribution between the longs (57%) and shorts (43%) is slightly skewed in favour of the former.
© Dukascopy Bank SA
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