EUR/JPY bounces off pattern's resistance

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 32% 34% -6.25%
Shorts 68% 66% 2.94%
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 previous forecast for the EUR/JPY came into reality at the start of Thursday's trading session. The currency exchange rate had passed the support of the weekly R1 and the 55-hour SMA. It was almost clear that the currency exchange rate will next approach the 100-hour simple moving average, which on Thursday noon was located at the 130.75 mark. 

However, there was one development to be watched. It was the question, whether the pair will find support in the SMA or begin to decline down to the lower trend line of the rising wedge pattern. In accordance with our forecast, the two supports will meet first, before a rebound occurs.

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