EUR/JPY 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro attained a five-year high of 145.69 versus the Japanese Yen late December; the rise to this peak provoked a long-lasting retreat that pushed the pair into a falling wedge pattern early April.
Now EUR/JPY is locked not only between the pattern's trend-lines but also between its short-and long-term SMAs, with the 200-bar SMA at 139.08 acting as a formidable resistance and the 50-bar SMA at 138.35 representing a strong support zone. Meanwhile, the SWFX data fails to shed the light on the pair's future moves – the proportions of long and short positions are almost equal.
© Dukascopy Bank SA
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