EUR/JPY 30M Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY stuck closely to May highs and confirmed it will not be addressing levels below in a falling wedge pattern. The rate has just broken the formation to the upside, which is consistent with the signal of the wedge, causing the rate to tackle the aforementioned high (based on daily chart) at 123.39 once again. In case the tests are successful, EUR/JPY will move on to 123.76, the recent high of the half-hour chart where more prominent short-term resistance should be met. With SMAs lying above along with other bullish technical signals, the uptrend appears to be sustainable, but we will have to wait and see.
© Dukascopy Bank SA
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