EUR/JPY Broke Over The Price Action Channel

February 3, 2013 in Chart Alert

+1
  

EUR/JPY weekly chart - continued 5 week EMA supportEUR/JPY kept the support pattern on which has been in place for past 11 weeks. For close to 3 months the price action has been over 5-week EMA support. Any downward consolidation has been finding support at this level. Please refer to the weekly chart of EUR/JPY on the left hand side.

The highligh of the recent price action was the break over the price action channel. The currency pair has been moving withing this channel since early November 2012. The strong break over this channel indicates that the upward momentum has gained further strength.

EUR/JPY’s break over the price action channel

EURJPY daily chart - Break over the price action channel

 

Author Info

Profile photo of ForexAbode.com

ForexAbode.com's analysts provide Forex market analysis based on technical, fundamental as well as psychological aspects. Apart from the daily and weekly Forex outlook posted on the respective pages, the outlook and news are also updated on the blog section. ForexAbode analysis is also featured on some of the leading financial news and analysis sites. Please use the comment form below or contact us page for any comments, suggestions or complaints. You may also write to us at contact(@)forexabode.com by removing the brackets in the email address.

Contributor Contact, Accountability and Policies

Leave a reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>