EUR/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is set to decline. Not only did the pair form a well-defined bearish channel, but it has already managed to break some of the major supports, such as the nine-month falling line and the 2015 low. The target is now the 2013 February minimum at 118.80, while the upside is limited by the upper boundary of the channel at 124.20. Additional significant supply area is circa 125 yen, represented by the February 25 high and the recently broken line. The negative bias is reinforced by the technical indicators, which are giving ‘sell' signals in every relevant timeframe. On the other hand, the Euro is already oversold in the SWFX market—72% of open positions are short.
© Dukascopy Bank SA
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Wed, 02 Mar 2016 08:26:54 GMT

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