EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another channel up was formed by EUR/JPY in the middle of August and it seems the pair will continue channelling up in the foreseeable future. Currently, the pair is trading in the middle of the pattern, and the fact market sentiment is not clearly marked, is reinforcing a view the pair will continue moving in pattern's boundaries. Moreover, it seem the pair is experiencing strong difficulties around 131.60-80. Therefore, the pair is likely to move back in the direction of pattern's resistance. However, even in case of the downside movement, bears will struggle around 130.82 represented by a 200-bar SMA.
© Dukascopy Bank SA
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