EUR/JPY 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching 145.69 right before the New Year, the single currency began loosing some of its value against the Japanese Yen. Since January 16 the pair has been trading in boundaries of a triangle pattern, which looks similarly to an ascending triangle. On Thursday the pair inched below pattern's support, however, stronger-than-expected factory data from Europe pushed the pair above resistance line. Currently, almost equal number of traders are holding short and long positions, while 77% of pending orders in a 100-pip range are placed to sell the pair, meaning the pair will strip out the impact of fundamental data and will continue moving downwards. A weekly pivot at 141.47 is the next key support.
© Dukascopy Bank SA
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