EUR/JPY fails to bypass weekly R1 again

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 58% 52% 10.34%
Shorts 42% 48% -14.29%
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) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The way the currency pair fluctuated over the last 24 hours confirms that it is located within an ascending triangle, where the upper trend-line is formed by the weekly R1 at 130.56. In the meanwhile, the lower trend-line lies along the 55-hour SMA, which provides additional support and forces the currency pair to continue the surge. In accordance with technical theory, the breakout should occur upwards. However, the northern side is reliably secured by the above weekly R1 and the monthly R1 at 130.71. And the four William's fractals additionally confirm strength of this resistance barrier. For this reason, the rate is expected to make another attempt to break to the top, but then rebound and slip back towards the combined support level set up by the 200-hour SMA and the weekly PP at 129.57.

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