EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Initiation of the currently developing bearish channel was marked by a breach of the 200-hour SMA, which adds to the negative bias towards EUR/JPY. Right now the pair is testing the upper boundary of the pattern, and the resistance at 141.19 must stay intact for the bearish outlook to remain valid, otherwise the Euro will likely rally through the nearby pivots until the currency reaches the weekly S3 and the long-term SMA at 143.44. Meanwhile, the base case scenario is a sell-off from 141.19 through the Jan 6 low at 140.57. The decline should end only in the vicinity of 138, namely the 2014 Oct high and the lower down-trend line.
© Dukascopy Bank SA
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