EUR/JPY shoots up mid-session

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

Positions Today Yesterday % Change
Longs 60% 40% 33.33%
Shorts 40% 60% -50.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Buy
Alligator (13; 8; 5) Buy Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

After reaching the lower channel boundary circa 131.90 on Wednesday, EUR/JPY was dominated entirely by bulls. Along the way, the Euro dashed through the 100-, 55– and 200-hour SMAs and the weekly with no apparent resistance. 

The 132.70 mark stopped the pair for several hours; however, a significant buying spree early in this session pushed the rate as high as the weekly R2 at 133.35. 

This massive upward movement has sent technical indicators in the overbought area. This might weaken the pair for the upcoming trading hours. 

In case the monthly PP at 132.81 is breached, it is expected that the Euro would unsuccessfully test a support cluster formed by the 200– and 55-hour SMAs and the weekly PP in the 132.40 area.

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