EUR/JPY downside potential still likely

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

Positions Today Yesterday % Change
Longs 28% 25% 10.71%
Shorts 72% 75% -4.17%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The single European currency has started gaining strength against the Japanese Yen since the early hours of Monday's trading session. Even though the sign is pointing to bearish sentiment, bulls managed to gather enough momentum to pushed the price toward the 55-hour simple moving average.

By the middle of the European session, the currency exchange rate has gained 59-pips.

Meanwhile, the overall market sentiment still remains bearish, therefore, a support level set by the 55-hour SMA might hinder the EUR/JPY exchange rate to gain more points within the following session.

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