EUR/JPY 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a correction towards the 145.50 level, the pair regained its bullish momentum that had lost for a moment. The advance has also been outlined by a formation of 183-bar long broadening rising wedge pattern.
At the moment, the Euro bulls have pushed the pair near the weekly R1 and upper trend-line of the pattern at 148.62/75. The 4H and daily technical studies see the Euro as undervalued against the Japanese peer. However, the SWFX traders' have not really picked sides and the sentiment is rather neutral with 55% of them being bearish on the pair. We expect that that the pair will remain bullish and most likely the major level at 149 will be approached.
© Dukascopy Bank SA
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