EUR/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY executed its first consistent rise since the beginning of October, and shows little doubt on the strength of the uptrend. Currently hovering mid-channel, the pair will launch a new attack at the 200-hour SMA confluence at 113.73 which in its nature releases a strong BUY signal. Inching down towards the bottom trend-line, the rate will tap it around 113.67 just to then set eyes on 114.45 where the upper channel line lies. If the weakness is not extended and the rate goes into the bullish motion immediately, 114.09 and 114.14 will cause hitches, but we look for the pair to still ultimately reach the upper trend-line of the channel.
© Dukascopy Bank SA
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Thu, 27 Oct 2016 06:38:34 GMT

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