EUR/JPY breaches SMAs

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 28% 30% -7.14%
Shorts 72% 70% 2.78%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

As expected, the Eurozone single currency made a corrective movement south against the Japanese Yen. The currency pair breached the lower boundary of an ascending channel.

Also, the EUR/JPY pair breakout from a support level set by the combination of the 55– and 100– hour SMAs. The exchange rate is currently heading toward the 200– hour simple moving average at 127.91.

Meanwhile, if the support level set by the 200– hour SMA is able to hold, correctional movement north could be expected during the following trading session. In the meantime, technical indicators suggest otherwise.

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