EUR/JPY extends gains

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

Positions Today Yesterday % Change
Longs 35% 33% 5.71%
Shorts 65% 67% -3.08%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Buy
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

By the middle of Tuesday's trading session the common European currency had extended its gains against the Japanese Yen. Although the rise of the Euro was very significant, it was not unexpected.

As we wrote previously, the breaking of the previously active channel down pattern and the rebound against the most dominant pattern's support line signalled that the currency exchange rate will surge even higher.  

The currency pair will reach the weekly R1 at the 133.49 level. Afterwards it should head for the upper trend line of the medium channel down pattern. However, one of these resistance levels might cause a pause in the surge.

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