EUR/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to USD/JPY, EUR/JPY has formed a rising wedge pattern and both pairs are trading close to pattern's support line. A couple of days earlier, the pair touched this level at 131.70, represented by not only a lower trend line, but also by a 200-hour SMA. Therefore, a downside penetration of the pattern is unlikely. Meanwhile, the majority of technical indicators are sending "buy" signals, especially on a longer timeframes, such as daily and monthly charts. In case the pair moves to the north, the first stop could be found at 132.62– weekly resistance, while the stronger level is placed at 133.35– May 22 high.
© Dukascopy Bank SA
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