EUR/JPY breakout occcurs - Technical Analysis - Dukascopy Bank
Thu, 25 Feb 2021 07:39:00 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
43%
41%
4.2%
Shorts
57%
59%
-3.2%
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 common European currency surged by 74 pips or 0.58% against the Japanese Yen on Wednesday. The currency pair breached the upper line of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bulls are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for bullish traders would be near the weekly R3 at 129.68.
However, the weekly R2 at 129.06 could provide resistance for the currency exchange rate in the shorter term.
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