EUR/JPY’s hourly chart shows a sideways channel pattern. A range breakdown would imply a continuation of the sell-off from recent highs near 126.00. EUR/JPY is trading near 123.05 at press time, representing marginal gains on the day, having faced rejection at 123.15 a few minutes ago. The pair has carved out a sideways channel on the hourly chart with the upper end and lower end at 123.20 and 122.57, respectively. A breakout would open the doors for 123.83 (target as per the measured move method). However, the bias would remain bearish as long as the pair holds below 124.41 – the former support-turned-resistance of the head-and-shoulders (H&S) breakdown confirmed on Sept. 16. Alternatively, a range breakdown, if confirmed, would reinforce the bearish view put forward by the H&S breakdown and expose support at 122.00 (100-week simple moving average). Hourly chart Trend: Bearish below 122.57 Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Price Forecast: BTC faces strong resistance at $10,800 – Confluence Detector FX Street 1 year EUR/JPY's hourly chart shows a sideways channel pattern. A range breakdown would imply a continuation of the sell-off from recent highs near 126.00. EUR/JPY is trading near 123.05 at press time, representing marginal gains on the day, having faced rejection at 123.15 a few minutes ago. The pair has carved out a sideways channel on the hourly chart with the upper end and lower end at 123.20 and 122.57, respectively. A breakout would open the doors for 123.83 (target as per the measured move method). However, the bias would remain bearish as long as the pair holds below 124.41 –… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
