EUR/JPY recovers from 129.40

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 30% 37% -23.33%
Shorts 70% 63% 10.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Even though EUR/JPY demonstrated willingness to surpass the monthly PP mid-Tuesday, the prevailing bearish sentiment pushed the rate down to the weekly S1. In addition, the sudden plunge at 2100GMT added to the Euro's decrease in value which had accumulated to 95 pips by the closing time. 

The rate has since recovered and returned near a resistance cluster formed by the 55-hour SMA, the weekly PP and the 38.2% Fibo circa 130.10. The Euro is expected to hinder near the given mark and might even enter a short-term consolidation phase between the monthly PP and the weekly S1. However, this area should be eventually breached, subsequently testing the 100– and 200-hour SMAs.

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