EUR/JPY breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 06 Jan 2021 07:31:46 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
33%
30%
10.0%
Shorts
67%
70%
-5.0%
Indicator
4H
1D
1W
MACD(12;26;9)
4H
1D
1W
RSI(14)
Sell
Buy
Buy
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Buy
Buy
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇘
⇗
⇗
The Eurozone single currency declined by 43 pips or 0.34% against the Japanese Yen on Tuesday. The 50– hour simple moving average pressured the currency pair lower during yesterday's trading session.
Wednesday's trading session began with bullish momentum. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout has occurred, bullish traders are likely to continue to drive the exchange rate higher during the following trading session.
However, a resistance level at 126.88 could provide resistance for the currency exchange rate today.
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