EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are bearish forecasts for the Euro against the Japanese Yen at the moment. The classical safe haven from Asia is likely to test 122.87 (monthly S1) at the expense of the common currency in the nearest future. By confirming this support, the pair will immediately expose the recent February low at 122.46, which is also the lowest mark since April 2013. Ability of the bears to eliminate this demand will put at risk the green trend-line and weekly S2 at 121.39/11. Some short-term weakness is estimated by hourly and daily technical indicators. In the meantime, a recovery from 121.40 is possible and the EUR/JPY cross should build a new up-leg in the direction of 124, namely the red downtrend.
© Dukascopy Bank SA
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