EUR/JPY breakout occurred

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Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 33% 46% -39.39%
Shorts 67% 54% 19.40%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The first part of Monday's showed lack of volatility, as the market was consolidating. However, by the middle of the trading day, a strong bearish momentum prevailed and made the rate to breached a triangle pattern.

A breakout occurred through the lower boundary of the medium-scale triangle towards the end of the European trading session. During this downturn, the exchange move past a strong support cluster set by the weekly and the monthly PPs near 130.81.

Furthermore, it is likely the EUR/JPY currency exchange rate retrace north within this session. In addition,  Technical indicators suggest the price is located in the oversold zone.

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