EUR/JPY 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common European currency is just out of a double bottom pattern against the Japanese Yen, as the reversal of the trend has occurred, and it indicates that the currency exchange rate is going north. At the moment, the currency pair is at 112.74 by 10:00 GMT and it is moving towards the 200-hour SMA at 112.99, which might hinder the pair's efforts to form a new upward pattern. However, the quality and magnitude of the double bottom pattern suggests, that a downward movement is most unlikely. In the meantime, 61% of open SWFX positions are long, which indicates that there is still room for an exchange rate rise.
© Dukascopy Bank SA
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