EUR/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the middle of September EUR/JPY reached the highest level since early May; although, the pair was not able to prolong its advance and the pair's bears took control of the market.
Currently, the currency pair is trading around the 137 mark, after reaching the upper trend-line a couple of days ago. Even though the pattern's trading range is relatively narrow there is not that much evidence of a possible break-out, since the technical indicators are neutral and also the pair's bulls and bears are almost at the same amount, as 51.78% of traders are bullish. If the weekly S1 at 136.47 does not hold then we are likely to see a sell-off towards this year's low at 135.73.
© Dukascopy Bank SA
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