EUR/JPY 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very end of April, EUR/JPY has been tilted downwards and the tendency is likely to preserved in the hours to come given that the instrument is trapped by the limits of a bearish formation-falling wedge.
Currently the pair is sitting near a nine-month low of 137.27 that lies on the lower trend-line of the formation and only the level of 137.29 (daily S1) may create headwind for a slide to this low. Nevertheless, long positions on the SWFX slightly outweigh the short ones – around 57% of market players are bullish, while 43% are bearish. At the same time, technical indicators are mostly neutral and the only clear signal is ‘sell' in the long-term.
© Dukascopy Bank SA
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