EUR/JPY breaks various supports

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 45% -9.76%
Shorts 59% 55% 6.78%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The Euro fluctuated significantly during the previous 24 hours, breaching all resistance and support levels along the way with no hindrance. The bearish sentiment, however, prevailed and pushed the rate down to the 50.0% Fibonacci. 

The massive hourly surge mid-Thursday provided the second upper confirmation of a short-term descending channel. From theoretical point of view, the rate might push through the aforementioned Fibo and fall down to the next retracement level at 129.15. 

However, technical indicators favour a possible recovery near 129.60. The scope of this correction is yet unknown. A significant resistance is set by the monthly PP, the 38.3% Fibo and the 55– and 100-hour SMAs circa 130.10.

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