EUR/JPY reveals descending pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 37% 53% -43.24%
Shorts 63% 47% 25.40%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Sell
Alligator (13; 8; 5) Sell Buy Neutral
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The common European currency passed the long term support against the Japanese Yen almost as soon, as such a move was speculated on Friday. Since then the rate has fluctuated even above the previous support and made two attempts to surge. 

However, it failed and instead revealed that there is a clearly spottable descending channel pattern. The pattern was set to guide the currency rate down to the support of the weekly S1, which is located at the 131.86 level.

Although, it is likely going to occur only when the resistance of various hourly SMAs reaches the rate.

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