EUR/JPY approaches monthly R1 at 130.72

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

Positions Today Yesterday % Change
Longs 29% 32% -10.34%
Shorts 71% 68% 4.23%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Sell Sell
Stochastic (5; 3; 3) Buy Buy Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The way the EUR/JPY moved in the end of the previous week clearly indicates that it went outside both preceding junior ascending channels and took a goal to test the updated weekly R1 at 130.69, which is accompanied by the monthly R1 at 130.72. Previously, there was a chance that the upside momentum will run out and the Yen will start to restore lost positions. However, now it is clearly seen that the currency pair is fluctuating in a larger scale ascending channel, which helps it to set new record highs each trading day. Hence, there is little chance that the pair will not reach the above resistance level. On the other hand, the fact that it fails to climb to the upper boundary of the channel indicates that the pattern might start to transform into a rising wedge. In this context, the above monthly and weekly R1 should cross with the wedge's resistance line and, thus, form a barrier, which will reverse the current sharp uptrend.

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