EUR/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment EUR/JPY is trading within the borders of a bullish channel, but the upside is expected to be limited by the major down-trend line at 129.50. The near-term outlook is positive, since the currency pair is well-supported at 127.80 (weekly PP, 200-hour SMA, and up-trend) and the hourly studies are pointing up. Meanwhile, the longer-term prospects are bearish, and again this is confirmed by the technical studies, this time on the daily time-frame. The sell-off could potentially extend through the current April low at 126.20 and down to 125.00. In the meantime, the sentiment of the SWFX market participants is strongly bullish, being that 65% of open positions are long.
© Dukascopy Bank SA
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