EUR/JPY junior pattern takes over

Dukascopy Bank Team Dukascopy Bank SA

On Monday Dukascopy analysts spotted what was initially though to be a junior pattern on the EUR/JPY currency exchange rate. That pattern has become the dominant one.

As the rate approached the lower trend line of the previous dominant pattern, it did not manage to provide support and was passed.

In the aftermath of the break out a new small scale channel down pattern was noticed. However, it's lower trend line was already being highly contested due to the 100-hour SMA providing support near the 132.40 mark. Due to that reason the decline might accelerate.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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