EUR/JPY surges up to 131.20

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 51% 49% 3.92%
Shorts 49% 51% -4.08%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The common European currency continued its surge against the Yen on Monday, being driven mainly by mitigated political risks over the globe.  

Despite halting near the 130.80 mark, where the 23.6% Fibonacci level and the weekly R1 are located, the rate accelerated and surged 40 pips in one hour. The given up-wave resulted in a breakout of the upper boundary of a descending channel—a move that paved the wave for the formation of a new channel up. 

The massive up-move is likely to be followed by a correction or even full retracement down the 130.60 territory. From below, the pair is restricted by the aforementioned 23.6% Fibo and the weekly R1 that should either halt the Euro or hinder it for a few trading hours.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.