EUR/JPY breakout occurs - Technical Analysis - Dukascopy Bank
Mon, 21 Dec 2020 07:34:33 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
36%
37%
-2.5%
Shorts
64%
63%
1.4%
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
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇒
⇗
⇗
The common European currency has declined by 88 basis points or 0.69% against the Japanese Yen since Friday's trading session. A breakout occurred through the lower boundary of an ascending channel pattern at 126.10 on Monday morning.
Given that a breakout has occurred, bearish traders are likely to continue to pressure the exchange rate lower during the following trading session. The potential target for bears would be at the 125.40 level.
However, the weekly support level at 125.85 could provide support for the EUR/JPY currency exchange rate in the shorter term.
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