EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Downside risks for the Euro/Yen cross are created by both 100 and 55-hour simple moving average lines at 128, which are reinforced by the daily pivot point today and the upper boundary of the downward channel. For the time being, losses are foreseen by many technical indicators, which tend to deteriorate deeper on every following time frame from hourly to daily. Despite that, SWFX traders are completely undecided with respect to EUR/JPY. The base scenario assumes a trade within the current boundaries of the pattern, which bets on a decline in the direction of April 2015 low at 126.08. Success here will pave the way for an extra sell-off down to the 125.83 mark (support trend-line).
© Dukascopy Bank SA
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