EUR/JPY likely to maintain channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs67%64%3.6%
Shorts33%36%-7.2%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralBuy
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)SellBuySell
Aggregate

The single European currency declined by 89 basis points or 0.77% against the Japanese Yen on Tuesday. The currency pair breached the monthly support level at 115.55 during yesterday's trading session.

As for the near future, the EUR/JPY exchange rate will most likely continue to edge lower in the narrow descending channel pattern. Bearish traders could target the weekly S2 at 114.54.

A potential upside reversal could occur from the weekly S2 as mentioned above, during the following trading session.

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