EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/JPY has been stagnating since Tuesday, by generating only sluggish growth, it is still hovering above the green trend-line and 200-hour SMA. It means that our expectations are bullish for the time being. The pair may rely on help from weekly and daily PPs around 125.80. Daily technical indicators and SWFX market sentiment are backing the Euro and suppose the Yen should be sold off. A rally will initially target the second daily resistance at 127.49, located just beyond the March 11 peak. By crossing it, the pattern's upper end, at 128.85, will be within reachable distance. In case, however, the pair fails at 125.35 (200-hour SMA), the long-term focus will return to the Feb high at 122.09.
© Dukascopy Bank SA
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