EUR/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY is willing to resume growing, after touching the second bottom of the pattern at 131.85 yesterday. However, several tough resistances are still ahead of the spot price. They include the 100 and 200-hour simple moving averages and the weekly pivot point, while all of them are placed in the 132.65/81 range. A jump above will encourage bulls for additional rally up to 133.35, where daily R2 guards the pattern's upper horizontal trend-line at the moment. If not here, we expect the selling pressure to come from the next supply at 133.92 (weekly R2), which is likely to switch attention back to the south. Bearish estimates are supported by daily indicators and 58% of SWFX market participants.
© Dukascopy Bank SA
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