EUR/JPY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Just recently the pair reached the highest level this year at 149.14; however, the Euro did not manage to hold its positions this high. From this point onwards a correction phase started, which also created a triangle pattern.
EUR/JPY is trading at the very apex of the triangle; therefore, a break-out might be anticipated. The shorter-term technical indicators are to the downside; although, there is a considerably strong supports ahead that could protect the pair from falling lower. The SWFX traders' expect a bearish break-out, as 66% of them have shorted the pair. Now, if the pair's bears drag the pair below the weekly PP and 200-period SMA then the weekly S2 is the target.
© Dukascopy Bank SA
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Wed, 26 Nov 2014 09:10:13 GMT

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