EUR/JPY Broke Over The Price Action Channel
February 3, 2013 in Chart Alert
EUR/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