EUR/JPY bulls likely to prevail - Technical Analysis - Dukascopy Bank
Wed, 24 Feb 2021 07:28:04 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
41%
35%
14.1%
Shorts
59%
65%
-9.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇗
⇗
The EUR/JPY currency pair bounced off a support line formed by the 200– hour simple moving average at 127.69 on Tuesday. As a result, the exclusive European currency has surged by 61 pips or 0.47% since yesterday's trading session.
All things being equal, the exchange rate is likely to continue to edge higher in an ascending channel pattern. The potential target for bullish traders would be near the 128.80 level.
However, the weekly R1 at 128.39 could provide resistance for the currency exchange rate in the shorter term.
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