EUR/JPY two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs75%74%0.6%
Shorts25%26%-1.7%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇒⇒⇒

[ANNOUNCE]The common European currency appreciated about 75 base points against the Japanese Yen on Friday. The exchange rate breached the 200-hour simple moving average at 122.84 at the end of Friday's trading session.[/ANNOUNCE]

If the downside risks continue to prevail in the market, the currency pair could maintain the descending channel pattern today. The EUR/JPY pair could aim for a support level at 122.09.

On the other hand, if bulls continue on their last Friday's momentum, a potential breakout through the upper boundary of the descending channel pattern could occur during the following trading session.

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