EUR/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting more than a one-year high of 133.91, EUR/JPY commenced to decline; however, the channel down pattern started being formed only on September 26 when the 50-hour SMA fell below 200-hour SMA. The currency pair was erratic, fluctuating in a 250-pip wide range. Currently, the Euro is struggling at its 200-hour SMA at 132.93 and may overcome this level as expected by the market participants, 62.50% of whom are bullish on the pair. If the pair breaches its 200-hour SMA that is acting as a strong resistance it may target a pattern's upper-limit, a jump above which is likely to incite a sharp rally of the single currency against the Yen.
© Dukascopy Bank SA
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