EUR/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
One of the many currencies, which have formed patterns against the Japanese Yen in the recent trading sessions, is the Euro. The EUR/JPY currency pair is surging in a channel upward pattern on a short timeframe, as the rate remains in a descending channel on a larger scale. The channel upward pattern can be used to predict, how the currency exchange rate will reach the downwards aimed pattern's resistance line at around the level of 1.21. In accordance with the patterns and the daily aggregate technical indicators is a hypothesis that the larger scale's pattern's upper trend line will be reached some time during next week.
© Dukascopy Bank SA
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