EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The lowest level of the year was set at 134.15 on 16th of October. However, at this level the Euro received a bullish impetus that helped the pair to form a channel up pattern.
The Euro/Yen cross is stabilising its positions above the 144 level and by doing that it is showing its determination to climb even higher. Moreover, that is exactly what the 4H and daily technical studies suggest—the pair is likely to appreciate as the majority of the previously mentioned technicals are giving the ‘buy' signals. Nevertheless, at the same the SWFX traders' believe that the pair is already overbought and therefore a decline is the most likely scenario for the nearest future.
© Dukascopy Bank SA
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