EUR/JPY pressured by strong resistance

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Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 51% 39% 23.53%
Shorts 49% 61% -24.49%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Buy
Alligator (13; 8; 5) Sell Neutral Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate ⇓ ⇘ ⇑

[ANNOUNCE] After testing the weekly PP at 132.41 early on Tuesday, the common European currency edged slightly lower, but nevertheless remained stable against the Yen. [/ANNOUNCE] 

This session started with the rate testing the psychological 132.00 mark for several hours. This level, however, held strong, especially given the massive resistance cluster nearby formed by the 55-, 200– and 100-hour SMAs, the 38.2% Fibo and the weekly PP in the 132.15/50 territory. 

Is it likely that this cluster pressures the rate south past the weekly S1 and the two-month low of 131.50. This fall, however, should not be long-lasting, as technical oscillators would soon break out from the oversold area. 

Subsequently, the rate might re-test the aforementioned resistance, but, given its strength, remain near 132.00.

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