EUR/JPY two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs49%50%-1.8%
Shorts51%50%1.7%
Indicator4H1D1W
MACD(12;26;9)4H1D1W
RSI(14)BuyBuyBuy
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇗

[ANNOUNCE]The common European currency is currently trading in a narrow descending channel pattern against the Japanese Yen. The currency pair declined by 59 points or 0.47% on September 14.[/ANNOUNCE]

Currently, the exchange rate is trading near the upper line of the narrow descending channel and could be set for a breakout.

If the breakout occurs, bullish traders could push the EUR/JPY pair towards the 126.20 level within this session.

However, if the channel pattern holds, bears are likely to continue to dominate the market during the following trading session.

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