EUR/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We can draw two parallel rising trend-lines from Jun 13 that have contained EUR/JPY and thereby form a channel up. Should the price move straight up or down, it will encounter them at 131.64 or 128.13 respectively. Although in case of a down-move the 200-hour SMA at 129.20 will also come under pressure first.
Technical indicators on 1H, 4H and daily charts are speaking in favour of the pattern by giving ‘buy' signals, even though weak. Nevertheless, the market appears to be more bearish than bullish on the currency pair, being that 43% of positions are long and 57% are short ones.

© Dukascopy Bank SA
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