EUR/JPY 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY may confirm the double bottom pattern soon, in case bulls manage to consolidate the price above a substantial resistance zone at 136.70. It is currently represented by the pattern's upper trend-line, daily R1 and weekly pivot point. By trading below the latter, the pair is considered to be slightly undervalued on a weekly basis. The Euro may await additional support to be provided by the 55-hour SMA and daily PP at 136. In case the 136.76 mark is violated, the next major supply will be placed at 138.36 (weekly R1). On the other hand, daily technical indicators and SWFX market sentiment are not showing excessive optimism, as they are predominantly neutral at the moment.

© Dukascopy Bank SA
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