EUR/JPY approaches dominant trend line

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Source: Dukascopy Bank SA


Since January 21, the EUR/JPY has continues to trade in a channel down pattern. On Friday, the rate was approaching the upper trend line of a dominant pattern. The dominant pattern has been guiding the rate since mid-January.

If the currency exchange rate breaks the dominant pattern's resistance line, the EUR/JPY might aim at the upper trend line of the junior pattern near 128.90. Above the trend line, the 200-hour simple moving average could act as resistance near 129.15.

On the other hand, a decline of the Euro against the Japanese Yen would look for support in the lower trend line of the junior pattern. However, take into account that the 128.40 mark had been acting as support during this week. The level might once again stop a potential move down.
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