EUR/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The risks are biased to the downside for the Euro/Yen cross right now. Even though the pair is placed near the lower boundary of the pattern, both technical indicators and market sentiment suggest that it can prolong a decline beyond the trend-line. At first, 1H and 4H studies are pointing to the downside. As for SWFX market sentiment, 74% of all open positions are long, meaning the Euro remains overbought. Moreover, additional bearish impetus is coming from the 55-hour SMA at 130.31, which capped the pair's advance 24 hours ago. In case EUR/JPY slumps below 129.59 (weekly S2), we will expect a sell-off to extend down to 128.60 in the mid-term, followed by April low at 126.09.
© Dukascopy Bank SA
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