EUR/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a good chance EUR/JPY will soon rebound, as the currency pair is approaching the lower boundary of the recently established ascending channel. The Euro might find enough demand circa 124.84 to rally through the monthly PP and the 200-period SMA at 125.68 and at 126.12, respectively. The target will then be the upper trend-line of the channel and the monthly R1 near 129 yen. In the longer-term perspective, however, EUR/JPY is bearish, being that there is a major resistance line at the level of 130 yen that connects the highs printed since last year's June. In the meantime, the SWFX market participants appear to be undecided, being that 54% of open positions are long and 46% are short.
© Dukascopy Bank SA
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