EUR/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, only 55-bar long, channel down pattern is now being formed by EUR/JPY. The formation is notably tilted downwards thus prompting the pair to extend its losses. For example, recently the pair has attained a three-month low of 138.97.
Now the instrument is retreating after a short-lived advance to the upper-limit; this may sent the pair again to the recent low. Market sentiment also is slightly bearish, with over 55% of traders holding short positions. Meanwhile, technical indicators are sending ‘sell' signal for the medium-term and are neutral for short and long terms.
© Dukascopy Bank SA
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