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EUR/JPY Trading off Channel Support

EUR/JPY is respecting a channel support seen in the 4H chart as price pushes above 141.50 on this Monday, 3/17 European session.


(EUR/JPY 4H Chart)

It looks like a bottom in the near-term has been put in place. I would look for a dip in the 1H chart to bring the 1H RSI to 40 and stochastic near 20, while price drops back toward the 141.25 area.


(EUR/JPY 1H Chart)

A slide below 140.90 however is likely to reflect further consolidation and perhaps further bearish correction. Further decline will bring attention to a rising that goes back to April 2013, seen in the daily chart.


(EUR/JPY Daily Chart)