EUR/JPY ready to break out

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

Positions Today Yesterday % Change
Longs 40% 37% 7.50%
Shorts 60% 63% -5.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

The EUR/JPY exchange rate showed some volatility on Tuesday but it did not leave it daily trading range opening level near 128.36. Any significant move was restricted by the 55-,100-, and 200-hour simple moving averages.

By the middle of Wednesday's session, the currency pair tested the lower boundary of a junior ascending pattern. Meanwhile, a strong resistance set by the 200-hour SMA located near 127.90 was pressurizing the price south.

Given that the currency exchange rate has moved closer to the bottom border of the aforementioned ascending channel, a breakout could be expected during the following trading session.

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