EUR/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY now represents a lucrative opportunity for traders as the pair broke out of the 76-bar long triangle pattern, meaning that an accelerating appreciation lies ahead. The triangle was formed during a retreat from a five-year high of 145.72 and was breached when the pair almost approached the apex. Firstly, EUR/JPY dived below the pattern's support but the 50-bar SMA did not allow the bearish breakout to happen, giving the pair an impulse for a climb. After that, we have observed a distinct upswing that took the pair above the 200-bar SMA, a formidable resistance at 140.42, suggesting a long-term strength of the currency couple.
© Dukascopy Bank SA
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