EUR/JPY breaks minor channel up

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 30% 42% -40.00%
Shorts 70% 58% 17.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Euro's continuous depreciation against the Yen pressured the rate outside its minor channel up. It did try to remain in its bounds, demonstrating stickiness for several trading hours. However, the pair's big jumps supposedly resulting from data releases disarranged any technical expectations. The rate surpassed the weekly S1 at 122.54 mid-day and returned near the 20-hour SMA. The next level of significance is a resistance cluster formed by the 55-, 100– and 200-hour SMAs. It is likely that they hinder or even halt the Euro's movement upwards. A failure to penetrate the given cluster may indicate to further weakness for the rate, especially in intermediate term. Meanwhile, Japanese monetary statement and BOJ press conference are scheduled for tomorrow morning.

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