EUR/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As support at 127.00 refused to let EUR/JPY lower, the currency pair started to recover, and eventually it formed a bullish channel. Accordingly, there may soon open up an opportunity to buy on a dip from the upper boundary of the channel. The exchange rate is expected to fall under the immediate support level at 130.50 and then turn around near 129.50, where demand is implied by the weekly pivot point, some of the recent lows, and up-trend. However, we must note that the market is still generally bearish (this will change in case resistance at 137.00 is broken), and the daily technical indicators do not favour a prolonged appreciation of the European currency against the Japanese Yen.
© Dukascopy Bank SA
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