EUR/JPY breaks channel pattern - Technical Analysis - Dukascopy Bank
Mon, 01 Feb 2021 06:51:15 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
34%
44%
-29.0%
Shorts
66%
56%
15.1%
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)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇗
⇗
The single European currency surged by 91 pips or 0.72% against the Japanese Yen on Friday. The currency pair breached the upper line of an ascending channel pattern during Friday's trading session.
Given that a breakout had occurred, the exchange rate is likely to edge higher during the following trading session. The potential target for the EUR/JPY pair would be near the weekly R1 at 127.73.
However, a resistance line at 127.20 could provide a barrier for bullish traders within this session.
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