EUR/JPY 30M Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/JPY steepened the monthly surge inside of an ascending channel pattern. Currently floating just above the recently established support at 120.96, the rate is likely to bounce and move on to levels above, namely the upper trend-line around 122.06. After the pair manages to exit the tight trading range bound by 120.96 and 121.06, the intra-pattern surge could have some trouble at 121.32, the upper Bollinger Band. The pair has not risen to the current highs since June, which suggests that the motion might flatten in order to consolidate the extensive uptrend.
© Dukascopy Bank SA
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