EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that pair is resuming its long term bullish trend which started at the end of 2012. It was interrupted by end of May to mid-June sell off, which was right before the pattern's start. Short term (4H) technicals suggest that the pair will continue depreciating. Daily technicals point at appreciation of the pair suggesting it will continue to follow pattern's, bullish, trend. Such scenario seems very likely since 70% of the open positions are already long on the pair (expecting medium to long term appreciation); 54% of pending orders are set to go long on the pair as well (expecting short term depreciation).

© Dukascopy Bank SA
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