EUR/JPY respects recently discovered channel

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

Positions Today Yesterday % Change
Longs 37% 32% 13.51%
Shorts 63% 68% -7.94%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

By the middle of Thursday's trading session the EUR/JPY currency exchange rate had respected the lower trend line of the large scale channel, which was drawn by Dukascopy analysts on Wednesday. 

In addition, it can be spotted on the charts that the fundamental surge of the Yen against the rest of the currency markets ended in the second half of Wednesday's trading. It can be deducted by watching the volatility of the hourly candles, which decreased horizontally. Afterwards the rate confirmed the mentioned pattern by bouncing off its support line.

Due to these factors combined, one can conclude that the rate was likely to surge, if it passes the weekly S2's resistance at 128.60 mark.

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