EUR/JPY breaks ascending channel pattern - Technical Analysis - Dukascopy Bank

Tue, 29 Oct 2019 08:52:37 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs57%55%3.6%
Shorts43%45%-4.7%
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuySell
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)SellSellBuy
Aggregate

During yesterday's trading session, the EUR/JPY currency pair appreciated by about 0.45% in value. The currency pair tested a psychological resistance level at 121.00.

Bears dominated the early hours of today's session. As a result, a breakout occurred through the bottom border of an ascending channel pattern at 120.68. 

Given that a breakout had occurred, the exchange rate will most likely continue to fall within this session. The potential target for bearish traders will be at the 119.98 area.

Everything being equal, an upside reversal could occur from the support level at 119.98 within the following trading session.


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