EUR/JPY likely to aim for 50-hour SMA

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs46%49%-6.5%
Shorts54%51%5.5%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellBuy
Aggregate

The common European currency depreciated about 97 base points against the Japanese Yen on Thursday. The decline was stopped by a support level formed by the weekly S3 at 124.26.

As for the near future, it is likely that the EUR/JPY currency pair slightly move higher towards a resistance cluster formed by the 50-hour simple moving average and the weekly S2 at 124.96.

However, given that the currency exchange rate is trading near the lower boundary of a descending channel pattern, a breakout could be expected during the following trading session.

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