EUR/JPY forms a descending triangle

A result of the previous trading day suggests that the upward momentum given by the Mario Draghi speech last week is moving to an end, as the currency pair could not set the new record high and stopped at the same level, where it finished on Monday. Nevertheless, the rate remains within two active ascending channels, which are expected to push it upwards despite the multiple unsuccessful attempts to climb down. In fact, yesterday the pair managed to slightly overstep the common channel's boundary, but the freefall did not follow, as the rate has quickly hit another support level set up by the 100-hour SMA at 128.34. However, now the pair has more chances to leave both channels downwards, as it has stepped in into a descending triangle.