Consolidation channel: The EUR/JPY has been consolidating in a slightly-tilted-downwards channel since finding resistance at 127.72 in early February. It recently found support around the 123.00 handle, which was a confluence of other support factors. A swing to almost 126 now tests the consolidation channel resistance. Convergence: What we really have here is a convergence of a rising trendline going back to January, and a falling channel resistance. As price nears the apex, a true break will have to come from the range of consolidation and not just from a break of these trenline factors. Breakout: To the upside, a ... (full story)