AvaTrade - Analytics

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    EUR/JPY- Trading in an upward channel

    The EUR/JPY pair is trading in an upward channel on a 60 minute time frame. As long as the price is trading within this channel, the bias remains towards the upside. The pair is finding its support near the 50 day (shown in red) and the 100 day (shown in yellow) moving averages and a break of these averages towards the downside will suggest a weakness in the current trend. We also have formed a reverse head and shoulder pattern and the projection of this could push the price well beyond the resistance level mentioned below.

    The MACD and the RSI indicators are trading in line with the price action which means the bias remains slightly bullish but bearish trend could be picking up soon if the indicators break their trend lines 
    Screen Shot 2015-02-18 at 12.56.55

    Important zones 
    133.63- 134.14 Support 
    136.64- 136.27 Resistance


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