EUR/JPY plunges on Tuesday

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

Positions Today Yesterday % Change
Longs 52% 45% 13.46%
Shorts 48% 55% -14.58%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

After reaching the 20-hour SMA at 124.42 in the first hours of today's trading session, EUR/JPY was guided by strong downside risks, resulting in the pair dashing through four support levels, namely, the 38.2% and 23.6% Fibo, the monthly PP at 123.90 and the weekly S1 at 123.39. In case the European common currency stops near the 122.85 area, a channel down might be confirmed. The closest support is formed by the weekly S2 at 122.20; however, it is unlikely that the Euro manages to plunge until the given level. It is more likely that the rate reverses near the 0% Fibo, as Fibonacci retracement lines have been respected previously. By and large, the Euro is expected to depreciate against the Yen in intermediate term , as the pair did reach a one-year high at 125.81 on May 25.

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