EUR/JPY 1H Chart: Rising Broadening Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling below the 136 level for the second time this year EUR/JPY received a bullish impetus and started to form a rising broadening wedge pattern.
Currently, the pair is hovering near the lower trend-line, thus a bearish break-out could be more actual. Moreover, for rising wedge pattern a break-out to the downside is more common. However, technical studies are neutral, with only the daily ones pointing to the upside. Therefore, we are recommending to gauge pair's future development by its near-term performance. If the pair breaches the cluster of resistances around 139 level then an advance could follow.
© Dukascopy Bank SA
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