EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY will reach the lower boundary of the bullish pattern as soon as the next week. However, at first the Euro has to depreciate below the monthly R2, weekly PP and 55-period SMA at 139.36. The next support zone is located at 138 (monthly R1, 100-period SMA and weekly S1), but these levels are going to merge with the pattern's lower trend-line in the foreseeable future, thus representing even stronger demand area. As a result, the long-term outlook is positive, as suggested by the weekly technical studies at the moment. In the meantime, market participants are completely undecided on the pair's perspectives, as there is only a slight advantage of bears (51%) over bulls (49%).
© Dukascopy Bank SA
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