EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY has been falling since last year's December, and the pair's inability to rise above 131.30 during the latest consolidation phase only confirms its bearishness. The next target is therefore a combination of the daily S2 and weekly S1 near 126.00, though we are likely to see an upward correction only from 125.00, where the rate is expected to encounter the lower boundary of the channel and the daily S3. And even though the technical indicators on all relevant time-frames are mixed and the sentiment is neutral (54% of positions are long), the bears are unlikely to let go of the pair until the price falls down to 119 yen, where a major support level is implied by the 2013 Feb and Apr lows.
© Dukascopy Bank SA
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