EUR/JPY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The demand for the Euro appears to be strengthening, as evidenced by an ascending triangle. For the time being the resistance at 135.26 holds the bulls at bay, but eventually they should overcome the supply and push EUR/JPY towards the Jan 20 high at 137.65.
However, if the technical indicators turn out to be correct, and the Euro closes beneath the up-trend at 134.68, the near-term bullish scenario is likely to be invalidated. The key levels in this case will be a cluster of supports at 134 (weekly PP and Feb 6 low), the 200-hour SMA at 133.78, and the weekly S1 at 133, while the main demand area is at 132.30 (Feb 1 low).
© Dukascopy Bank SA
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