EUR/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bullish correction from 126 yen (2015 low) in the four-hour chart might have to wait. The currency pair is forming a rising wedge, a pattern that implies a sell-off. At the same time, EUR/JPY is approaching a dense supply area at 129, where the daily R3 coincides with the 200-hour moving average and the down-trend formed during the first week of February. Accordingly, we expect the Euro to revisit last year's minimum. As for the alternative scenario, the initial objective will be at 130.30 (weekly R1 and Feb 9 high), while sellers at 131.50 should still put a lid on the rally. Meanwhile, the SWFX market is moderately bullish, being that 57% of open positions are long.
© Dukascopy Bank SA
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