EUR/JPY sets for breakout - Technical Analysis - Dukascopy Bank

Tue, 17 Nov 2020 07:56:42 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs59%60%-2.3%
Shorts41%40%3.3%
Indicator4H1D1W
MACD(12;26;9)4H1D1W
RSI(14)BuyBuyBuy
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)NeutralBuyBuy
Aggregate

The common European currency declined by 62 basis points or 0.50% against the Japanese Yen on Monday. The currency pair tested the 123.67 level during yesterday's trading session.

Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout. If the breakout occurs, a surge towards the 124.60 area could be expected within this session.

However, if the channel pattern holds, bears are likely to pressure the currency exchange rate lower towards the 123.20 level during the following trading session.


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