EUR/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro/Yen currency cross has just crossed the lower trend-line is now expected to decline further. However, a fall through weekly S1 at 134.85 was not widely predicted by market, as the pair was constantly moving to the upside after bouncing from the lower boundary back on October 14. Since the important support line was violated, we can now expect the single currency to continue losing ground against the Japanese Yen. Even though short-term studies are mixed, the daily ones forecast the bearish tendency to persist. SWFX traders, however, are undecided on pair's future perspectives, as bullish and bearish votes are split in the proportion of 51% to 49%.
© Dukascopy Bank SA
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