EUR/JPY 10M Chart: Downside channel

Note: This section contains information in English only.
Source: Dukascopy Bank
© Dukascopy Bank AS
EUR/JPY continues its rebound from a support level at 107.51. The pair has formed a downside channel on 10M chart with 50% quality and 55% magnitude within 158 bars.

The Euro remains bullish after it has rebounded from channel support level at 107.51. If growth continues the Euro may break resistance around 108.00. This price level can be critical for short traders. If Euro breaks 108.00, the initial target for bullish investors would be around 108.40. If pair rebounds from resistance, it would be the entry for bearish traders with present target at 107.35.
RSI indicator is growing but still has not reached the critical level. The pattern quality will be definite when the price moves closer to the edges of the channel.

© Dukascopy Bank AS
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