EUR/JPY jumps above weekly PP

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 54% 43% 20.37%
Shorts 46% 57% -23.91%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

An early Tuesday morning the currency exchange rate met in a limbo between the 55-hour SMA and the weekly PP at 129.57 from the top and a combination of the 20-, 100- and 200-hour SMAs from the bottom. Since the German Ifo Business Climate Index appeared today better than analysts anticipated, the Euro has left this tunnel in an upward direction. At the moment, it has no obstacles on the way towards the upper trend-line of a recently formed symmetrical triangle. Given that the pattern has only three confirmation points, the pair is expected to make a rebound and continue to move within it until the end of this week, provided that no extraordinary events will happen. In support of this, both exits are secured by the weekly R1 at 130.56 and S1 at 128.64.

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