EUR/JPY - Fading Near The Top of its Declining Channel
EUR/JPY has faded near the resistance implied by its declining channel (around 138.16). The break of the hourly support at 137.34 (22/07/2014 high) suggests the end of the rebound and favours a test of the recent lows. An initial resistance lies at 137.34 (previous support).
The bearish breakout of the 200 day moving average confirms a deterioration of the mediumterm technical structure. A key support stands at 136.23 (04/02/2014 low), while a strong resistance lies at 104.09 (09/06/2014 high).
The long-term technical structure remains positive as long as the support at 134.11 (20/11/2013 low) holds.