EUR/JPY likely to make pullback today

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs38%42%-12.4%
Shorts62%58%7.5%
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuySellBuy
Aggregate⇗⇒⇗

Upside risks dominated the common European currency against the Japanese Yen on Thursday. As a result, the currency pair surged by 76 pips or 0.59% during yesterday's trading session.

The exchange rate is likely to edge lower today. Bearish traders could target a support level at the 129.80 level during the following trading session.

However, given that technical indicators suggest buying signals on the 4H time-frame chart, the EUR/JPY currency exchange rate might continue to edge higher during the following trading session.

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