EUR/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upper trend-line of the bearish pattern is at risk of being penetrated in the hours to come. Even though technical indicators on all time frames are mixed, a moderate majority (54%) of SWFX traders thinks the Euro is going to recover against the Japanese Yen. However, even in case of the break-out the bears are going to meet the weekly pivot point and the 100-hour SMA at 124.22/38, followed by the 200-hour SMA at 125.74. There the risk of another failure will grow abruptly. On the bearish side, the key area to watch this week is placed around the 121.40 mark. This week the shorts may encounter the weekly S1 down there, which is offering support to the pattern's demand line.
© Dukascopy Bank SA
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