EUR/JPY breaks channel - Technical Analysis - Dukascopy Bank
Mon, 09 Nov 2020 07:53:27 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
73%
2.0%
Shorts
26%
27%
-5.9%
Indicator
4H
1D
1W
MACD(12;26;9)
4H
1D
1W
RSI(14)
Buy
Sell
Buy
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇗
⇒
⇒
The Eurozone single currency has surged by 88 pips or 0.72% against the Japanese Yen since Friday's trading session. The currency pair breached the upper line of a descending channel pattern on Monday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the exchange rate higher during the following trading sessions. The potential target for bulls would be at the 123.60 area.
However, a resistance level at 123.20 could provide a barrier for bullish traders within the following trading hours.
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