EUR/JPY might decline

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs75%70%6.3%
Shorts25%30%-18.8%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralBuy
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

The common European currency appreciated by 59 basis points against the Japanese Yen on Thursday. The surge was stopped by the upper line of a descending trendline.

Given that the currency pair has breached the 50– and 100– hour SMAs, most likely, bearish traders might dominate the EUR/JPY pair during the following trading session.

The currency exchange rate could end today's trading session near a support level formed by the weekly S1 at 116.94.

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