EUR/JPY breakout could occur - Technical Analysis - Dukascopy Bank
Wed, 20 Jan 2021 06:48:03 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
44%
48%
-8.8%
Shorts
56%
52%
7.0%
Indicator
4H
1D
1W
MACD(12;26;9)
4H
1D
1W
RSI(14)
Sell
Sell
Buy
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Sell
Buy
SAR(0.02;0.2)
Neutral
Neutral
Buy
Aggregate
⇒
⇘
⇗
The common European currency surged by 90 points or 0.72% against the Japanese Yen on Tuesday. The currency pair breached the 50– and 100– hour SMAs 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 126.80 level could be expected within this session.
However, if the channel pattern holds, bearish traders are likely to pressure the currency exchange rate lower during the following trading session.
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