EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Opposite to the previous currency cross, the Euro has been appreciating against the Japanese yen  since the third week of October. Therefore, this currency pair managed to form a high-quality and magnitude channel up pattern on a four-hour chart. At the moment the shared currency is testing the lower boundary of the pattern at 147.97. We assume that this action is going to be successful, as short-term technical studies are mixed, predicting the cross to develop sideways. Moreover, 62.74% of market participants are holding short positions on the single currency. At the same time, in the future we can see a rebound of the pair, as estimated by daily and weekly indicators.
© Dukascopy Bank SA
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Mon, 01 Dec 2014 07:35:30 GMT

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