EUR/JPY hinders near monthly R1

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

Positions Today Yesterday % Change
Longs 29% 26% 10.34%
Shorts 71% 74% -4.23%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Sell Sell
Stochastic (5; 3; 3) Sell Sell Buy
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The common European currency accelerated notably against the Yen during the second half of Thursday. The pair found slight resistance near the 136.33 mark, but did still manage to re-gain its upward momentum and test the monthly R1 at 136.49. 

The given up-move sent technical indicators in the overbought territory. Thus, it is likely that some correction south occurs later in the day or on Monday. The nearest southern barrier is the combined support of the 55– and 100-hour SMA circa 135.60. Any further decline from this level is not expected. 

The following session could mark an equal battle between bulls and bears, as the former might still be reluctant to abandon their positions. As a result, no massive changes are expected to occur for the pair. The nearest resistance is the weekly R3 at 137.14.

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