EUR/JPY potential breakout

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Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 43% -10.26%
Shorts 61% 57% 6.56%
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 Neutral Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Following a short period of decline during the first part of Monday's session, the Eurozone single currency has managed to regain some of its lost positions against the Japanese Yen on Tuesday. However, this surge was limited by the upper boundary of an ascending channel pattern.

Technical indicators demonstrate another rally for the pair for a potential break out during the next trading sessions. Also, a support cluster formed by the weekly and the monthly PPs and the 55-hour simple moving average could assist the rate to push higher.

As for near future, the rate is likely to make a corrective move south within this session.

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