EUR/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a massive 400-pip rally a week ago EUR/JPY entered a bearish channel. Accordingly, the latest recovery of the Euro from 132.70 should soon come to an end, namely at the upper boundary of the pattern at 133.85.

However, as long as support at 132.70 remains intact, our outlook will be neutral, being that this demand level consists not only of the lower trend-line of the channel, but is also reinforced by the weekly PP and 200-hour SMA. At the same time, the technical indicators are mixed, and the SWFX market participants are undecided—the numbers of long and short positions are equal. Below this cluster the price will likely target November low at 129.70.
© Dukascopy Bank SA
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