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EUR/JPY tests 23.60% Fibo level

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs56%49%13.1%
Shorts44%51%-16.6%
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellNeutralBuy
SAR(0.02;0.2)SellSellBuy
Aggregate⇘⇒⇗

[ANNOUNCE]The Eurozone single currency depreciated by 100 basis points against the Japanese Yen on Friday. The currency pair tested the lower boundary of a descending channel pattern at 120.16 during the previous trading session. [/ANNOUNCE]

Currently, the exchange rate is testing a resistance level formed by the 23.60% Fibonacci retracement level at 120.71.

If the EUR/JPY pair breached the resistance level, a surge towards the 50.00% Fibo level could be expected today. 

However, technical indicators suggest that the currency exchange rate will most likely continue to edge lower during the following trading session.

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