EUR/JPY plummets unexpectedly mid-day

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 42% 43% -2.38%
Shorts 58% 57% 1.72%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

EUR/JPY demonstrated strong upside momentum in the morning session. The Euro breached the 100-hour SMA at 123.42 and approached a resistance cluster formed by the upper Bollinger band, the weekly PP and the 200-hour SMA circa 123.60/65. Nevertheless, the Euro plummeted unexpectedly mid-day, reaching the lower Bollinger band. Market shocks and worse-than-expected US data resulted in increased demand for the Yen as a save-haven currency, reflecting the given move in the EUR/JPY cross, as well. This strong downside momentum, however, should allay in the nearest time, as the Euro may try to resume its position in the area above the 20-hour SMA. Traders should turn their attention to the FOMC's statement today that may add additional pressure to the Euro either way.

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.