EUR/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is depreciating against the Japanese Yen, as the currency exchange rate is simultaneously in three patterns on various scale. On a large scale the currency pair is falling in a channel up pattern, and on a medium scale it is in a triangle pattern, which represents the surge from the large scale pattern's lower trend line to the resistance level. However, the short term pattern is of the utmost interest, as it is a representation of the Euro's bounce off from both the triangle's and dominant channel's resistance lines against the Yen. Most recently, the currency pair approached the triangle's support, which is hindering the fall in accordance with the short term channel. Due to that it is a developing situation. However, the most likely outcome is a breakout of the triangle to the downside.
© Dukascopy Bank SA
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