EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency exhausted its potential during an escalation to more than a five-year high of 145.68 versus the Japanese Yen. Following a rise to this peak, EUR/JPY started a long downswing that eventually locked the pair into the area bounded by two downward sloping lines.
At the moment of writing, EUR/JPY was vacillating not far away from a two-month low of 136.19 and was attempting to penetrate the 50-hour SMA meandering at 137.10. The pair may succeed in its endeavour before long as suggested by the SWFX numbers –more than 60% of all positions are long.
© Dukascopy Bank SA
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