EUR/JPY forms short-term channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 37% 33% 10.81%
Shorts 63% 67% -6.35%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The pair's movement on Monday did not provide major changes to the overall price level. It was supported by the 200-hour SMA for the whole session prior to plunging suddenly early on Tuesday.  

The bearish sentiment did not change during the first part of this session, thus pushing the rate down to the weekly PP at 130.09. As apparent on the chart, the Euro's movement has resulted in the formation of a short-term channel down.  

However, some indications suggest that a change in sentiment is likely to occur, as the Euro has hindered near the weekly PP and the 38.2% Fibonacci retracement for the last six hours. The upside target is the 200-hour SMA near 130.50.

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