EUR/JPY bypasses weekly PP

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 30% 32% -6.67%
Shorts 70% 68% 2.86%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Contrary to expectations, the EUR/JPY left a symmetrical triangle in the northern direction. However, the sharp surge did not follow, as the road upstairs was blocked by a combination of the 100- and 200-hour SMAs as well as the weekly PP at 129.46. Nevertheless, if the pair manages to bypass this combined resistance barrier, it will have no other obstacles on its way until the weekly R1 at 130.42. Due to the 25-pip surge of the Euro in the early Tuesday morning, movement in the upward direction seems the most probable scenario. In this context, the above 55- and 100-hour SMAs should transform into support levels that will provide an additional impulse for the expected soar.

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