EUR/JPY overcomes weekly and monthly PPs

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 54% 54% 0.00%
Shorts 46% 46% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Buy
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

EUR/JPY remained stranded between the 100-hour SMA and the weekly and monthly PPs for the whole session on Wednesday.  

Despite the strength of the latter, the Euro showed no resistance, dashed through both pivot points and subsequently managed to push up to the 133.20 area by mid-Thursday.

It is expected that the pair might reverse near this mark which is reinforced by the 23.8% Fibonacci retracement. This move would confirm the existence of a two week descending channel. 

If considering this scenario, the common European currency should remain stable against the Yen, thus fluctuating near the 132.80 mark within the following 24 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.