EUR/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/JPY pair has been moving sideways since the beginning of this year. Though a formation of the channel down pattern is a clear indication of the downward trend, the decline is not that steep and the pair is approaching a strong support at 137.98. Aggregate technical indicators as well as pending orders in a 100 pips range, are all pointing at pair's further depreciation. Fundamentals are also speaking in favour of Yen's strengthening later this week, hence, the outlook for the pair is bearish. Nonetheless, bears will consider a move below 137.98 only in case of the strongly hawkish comments from the BoJ.
© Dukascopy Bank SA
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