EUR/JPY 30M Chart: Channel Down

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Source: Dukascopy Bank SA
A large-scale channel down pattern has been leading EUR/JPY south since the March high of 122.61, but has failed to sketch solid waves with the pair setting correction phases with various patterns instead of showing a consistent movement. The latest development led to the emergence of a junior descending channel which appears to be leading a movement south to 115.28 instead of letting a rally extend to the upper bound as it is supposed to. The current setting displays trouble for both patterns with most of the risks lying below as the cross strongly tests the lower boundary of the junior channel. It looks like a break is indeed going to open the way for tests of 115.30.
© Dukascopy Bank SA
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Fri, 14 Apr 2017 11:41:48 GMT

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