EUR/JPY demonstrates high volatility

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 44% -7.32%
Shorts 59% 56% 5.08%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Buy
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The European market was shaken early on Monday, as news about the failure of the German Chancellor Angela Merkel to form a coalition caused a massive selling spree for Euro bears.  

As a result, the given currency fell 78 pips within the first two hours of today down to its two-month low of 131.40—an area that is reinforced by the 100-day SMA. However, the rate had recovered all of its lost positions by mid-Monday and returned near the lower channel boundary. 

Technical indicators flash bearish signals, suggesting that the major resistance cluster formed by the 200– and 55-hour SMAs is likely to limit the pair near the 132.60 mark. The bottom daily barrier should be the aforementioned two-month low. 

Meanwhile, the ECB President is to testify on two occasions at 1400GMT and 1600GMT later today.

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