EUR/JPY descending channel still holding

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 Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Buy
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The 55– hour simple moving average is preventing the EUR/JPY pair from making further gains as the common European currency continues to trade in a channel down against the Japanese Yen.  

Given that the currency exchange rate continues to decline, it is expected that the price movement could be aiming to for the lower boundary of the channel down. 

As for the near future, the currency pair is likely to remain bearish until it reaches the weekly pivot point at the 131.147 mark.   

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