EUR/JPY breaks out of triangle

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 70% -75.00%
Shorts 60% 30% 50.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The common European currency recently encountered a dominant resistance line against the Japanese Yen. However, that does not mean that the ascending channel is at the end of its resistance like other ascending patterns on Yen pairs. The currency exchange rate is highly likely to find support during the next trading session in a combined support of the weekly R1 at the 130.80 mark, supported by other levels of significance. The other levels of significance might be the lower trend line of the junior ascending channel pattern and the 55-hour simple moving average, which by the second half of Wednesday's trading session had began to move northwards.

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