EUR/JPY reveals channel down pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 38% 2.56%
Shorts 61% 62% -1.64%
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

As it was expected, the common European currency passed the junior support of the previously active ascending channel pattern against the Japanese Yen. Moreover, the currency exchange rate has revealed the new medium term pattern, which is most likely going to last the next two trading sessions. The rate has revealed a descending channel pattern, which will guide the rate lower in the medium term. However, before it reaches the support line of the dominant pattern, the rate will face the support of the 100-hour SMA, which has prepped up higher the rate already twice. In addition, the 200-hour SMA was located at the 130.40 mark during the second half of Friday's trading, as it prepared to provide support to the Euro in the near future.

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