EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the common European currency has been trading in a general downtrend against the Japanese yen since March 25, recently the pair managed to commence a recovery as the pair grew from 128.40 up to 129.50. At the moment the Euro is facing a resistance represented by the upper boundary of the bearish channel. Despite being strengthened by the daily R1, short-term technical indicators assume the pair will breach this crucial supply area and will head in the direction of 130 (weekly PP, daily R2). Moreover, a slight majority of SWFX market participants are supporting the positive case for the shared currency, with as many as 52% of all positions opened as long ones.
© Dukascopy Bank SA
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