EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has just approached the upper trend-line of bearish pattern, which is expected to be tested for several times before any major future development of the cross takes place. At the moment outlook for the European currency seems to be moderately bearish. At first, the pair is likely to do everything possible to stay inside the boundaries of the channel and decline further, helped by general weakness of the common currency on the market. Moreover, hourly and daily technical indicators are pointing downwards, even though 4H ones are slightly bullish right now. Market participants, however, are undecided with respect to the Euro, with bulls holding 52% of all opened positions.
© Dukascopy Bank SA
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