EUR/JPY 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the EUR/JPY currency pair has found a bottom around 136.20 and refuses to go any lower. Moreover, the pair has formed an ascending triangle pattern that is 76-bar long already. A couple of bars ago the pair penetrated pattern's support, however, the latest candle is suggesting bulls are trying to move the price back into pattern's boundaries. Further appreciation, however, is unlikely, taking into account a bunch of strong resistance line in a 70-pip range above the market price. Moreover, market sentiment is just slightly bearish, supporting the case of pair's move towards a recent low and then to a weekly S1 at 138.45. The key support is located at 137.77.
© Dukascopy Bank SA
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