EUR/JPY remains near monthly PP on Friday

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 44% 42% 4.55%
Shorts 56% 58% -3.57%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Buy
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The common European currency remained stranded between the monthly PP and the weekly R1 in the 132.81/133.34 area during the last trading session. The former surrendered early on Friday, but it nevertheless remained nearby, as a further decline was restricted by the 200-hour SMA circa 132.60. 

Apart from the channel up, the pair is likewise trading in a falling wedge. As the Euro was moving upwards prior to entering this pattern, the most probable exit point should be the upper wedge line. It is likely that this breakout occurs in the following hours. 

Given that the upside is guarded by the 100– and 55-hour SMAs circa 133.10, the Euro could be reluctant to move away from the monthly PP by mid-Monday and thus trade near the psychological 133.00 mark at the time.

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