EUR/JPY likely to surge

Note: This section contains information in English only.
Source: Dukascopy Bank SA

 Positions Today Yesterday Change
 Longs 54% 51% 5.6%
 Shorts 46% 49% -6.5%
       
 Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Sell Neutral Neutral
 Alligator(13;8;5) Buy Neutral Sell
 SAR(0.02;0.2) Buy Sell Sell
 Aggregate

The common European currency has depreciated about 50 base points against the Japanese Yen since yesterday's trading session. The currency pair tested the lower boundary of a junior ascending channel pattern during the Asian session on Tuesday.

After hitting the 200-hour simple moving average at 124.81, the EUR/JPY exchange rate began to gain strength.

As for the near future, it is likely that the currency exchange rate will aim at a swing high of 125.47.

However, a resistance level formed by the upper boundary of a dominant descending channel at 125.26 could hinder such movement today.

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