- The EUR/JPY pair is struggling to break above the top end of the falling channel of 129.84, having charted a doji candle yesterday, which indicates indecision in the marketplace.
- A convincing break above 129.84 would validate yesterday’s doji candle and confirm a falling channel breakout. If confirmed, it would mean that pullback from the recent high of 113.13 has ended and could yield a sustained move above 130.50 (Oct. 10 high).
- On the downside, a close below yesterday’s doji candle’s low of 129.13 would signal a revival of the sell-off from the recent high of 113.13 and would open up downside toward 128.14 (falling channel support).
4-hour Chart
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Spot Rate: 129.64
Daily High: 129.83
Daily Low: 129.40
Trend: Bullish above 129.84
129.84 (falling channel resistance)
130.50 (Oct. 10 high)
131.00 (psychological level)
Support
S1: 129.40 (session low)
S2: 129.13 (previous day’s low)
S3: 128.14 (falling channel support)
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