EUR/JPY breakout occurs - Technical Analysis - Dukascopy Bank
Fri, 23 Oct 2020 06:13:32 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
52%
52%
-1.6%
Shorts
48%
48%
1.7%
Indicator
4H
1D
1W
MACD(12;26;9)
4H
1D
1W
RSI(14)
Sell
Sell
Buy
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇘
⇘
⇗
The Eurozone single currency has declined by 68 points or 0.55% against the Japanese Yen since Thursday's trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Friday morning.
Given that a breakout has happened, the EUR/JPY exchange rate could continue to sink throughout Friday's trading session. The potential target for bearish traders would be near the weekly support level at 122.65.
On the other hand, the currency exchange rate could make a brief pullback towards the 200– hour simple moving average at 123.91 in the shorter term.
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