EUR/JPY has formed a Channel Up pattern on the 4H chart. The pattern has 42% quality and 71% magnitude in the 147-bar period. The pattern began on 10th of December when the pair dipped to 105.98; currently it is trading at 117.85. Trading volume seems to be increasing in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 4H and 1W horizons. Long traders could focus on the 20-bar SMA/daily pivot (R1) at 118.36/51, daily pivot (R2) and recent
