EUR/JPY decline likely to continue

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs74%74%-0.1%
Shorts26%26%0.2%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellBuySell
Aggregate

During Tuesday's trading session, the Eurozone single currency made 78 pips movement against the Japanese Yen.

As for the near future, it is likely that the EUR/JPY exchange rate would continue its downward movement. Bearish traders could aim for a support level formed by the weekly S3 at 120.71.

However, a support cluster formed by the combination of the weekly S1 and the monthly S2 at 121.28 could provide support for the currency exchange rate during the following trading session.

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