EUR/JPY remains in pattern

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Source: Dukascopy Bank SA


The EUR/JPY remains in the junior channel down pattern. However, for a short period of time, the currency pair had traded outside its borders, on Wednesday. On Thursday morning, the currency exchange rate had declined and found support in the 128.50 mark.

If the currency pair continues to surge, it would have to pass the resistance of the 50-hour simple moving average at 128.75, before aiming at the upper trend line of the channel down pattern at 129.00. Above the pattern's trend line, a larger pattern's upper trend line is located near 129.10.

On the other hand, a decline of the rate could find support in the 128.50 mark. A passing of the 128.50 level might aim at the lower trend line of the channel down pattern near 128.25.
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