EUR/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At this very moment the Euro is bullish, as the currency pair is recovering after confirming the lower bound of the emerging channel. The rally should soon end near 120.60 yen and give way for a sell-off. Meanwhile, the longer-term risks are noticeably skewed to the upside. The first potential reversal point is at 118.70/50, created by the monthly S3, the lower trend-line of the channel and the February 2013 low. Even if this demand area is broken, at 117.50 yen there is a lower bound of the channel that has been forming for the last 12 months. In the meantime, the SWFX market participants are undecided, with bulls having only a minor advantage over their counterparts, namely 10 percentage points.
© Dukascopy Bank SA
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