EUR/JPY tests 100– hour SMA at 118.70

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs68%67%1.9%
Shorts32%33%-4.0%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate⇒⇘⇘

[ANNOUNCE]The common European currency has surged by 283 pips or 2.43% in value against the Japanese Yen since Monday's trading session. The EUR/JPY currency pair tested the upper boundary of a descending channel pattern at 118.70 on Tuesday morning. [/ANNOUNCE]

All things being equal, the exchange rate could make a slight downside retracement towards a support level at 117.62.

However, given that the currency exchange rate is currently trading near the upper boundary of the descending channel pattern, a breakout could occur within the following trading session.

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