EUR/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
EUR/JPY has been falling since December 2016, but managed to set some corrective steps on the way. A flattish upward sloping channel was switched to a channel down that still lacks some confirmation. The pair has just touched the upper bound of the most recent pattern and has set eye on the lower trend-line with a few hitched on the way. Immediate ground rests at 119.35 and might require some tests to push below. Upside potential is capped at 9.6717, the Daily Pivot Point and Channel upper trend-line cluster which we do not expect to break. It should, however, be noted that the current channel has been sketched as a result of the previous channel correction, meaning that we need more confirmation.
© Dukascopy Bank SA
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