EUR/JPY breakout occurs

Source: Dukascopy Bank SA

 Positions Today Yesterday Change
 Longs 53% 53% 0.0%
 Shorts 47% 47% 0.0%
       
 Indicator 4H 1D 1W
 MACD(12;26;9) Buy Sell Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Sell Sell Neutral
 Alligator(13;8;5) Buy Neutral Sell
 SAR(0.02;0.2) Buy Buy Sell
 Aggregate

The single European currency appreciated about 77 base points against the Japanese Yen on Tuesday. The currency pair broke a dominant descending channel during yesterday's trading session. 

The exchange rate began Wednesday's session with an upside movement. The pair tested the upper boundary of a junior ascending channel during the Asian session.

Most likely, the currency exchange rate could aim for a support level formed by the 50-hour simple moving average at 125.24.

On the other hand, the pair might reverse from the current price level and dash through the junior ascending channel.

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