EUR/JPY reveals down pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 33% 31% 6.06%
Shorts 67% 69% -2.99%
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) Buy Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

By the middle of Wednesday's trading session the common European currency had revealed a new medium term channel down pattern against the Japanese Yen. However, that does not necessarily indicate that the pair will decline in the next 24 hours.

A support cluster at the 135.00 mark, which is made up of the 100 and 200-hour SMAs and the weekly pivot point, is highly likely going to stop the decline. 

Although, traders should look for opportunities, which might presume themselves after the encounter. In bot cases, if a surge or a decline occurs after the event, the currency pair would face large areas free from levels of significance.

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