EUR/JPY bears could prevail - Technical Analysis - Dukascopy Bank
Mon, 16 Nov 2020 07:31:46 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
60%
60%
0.5%
Shorts
40%
40%
-0.7%
Indicator
4H
1D
1W
MACD(12;26;9)
4H
1D
1W
RSI(14)
Buy
Buy
Buy
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Buy
Sell
SAR(0.02;0.2)
Neutral
Buy
Buy
Aggregate
⇒
⇗
⇒
The Eurozone single currency declined by 57 points or 0.46% against the Japanese Yen on Friday. The 100– hour simple moving average provided resistance for the currency pair during Friday's trading session.
All things being equal, the exchange rate could continue to edge lower in a narrow descending channel pattern. Bearish traders might target the 200– hour SMA at 123.50 during the following trading session.
However, given that the currency exchange rate is currently trading near the upper line of the narrow descending channel pattern, a breakout could occur within this session.
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