EUR/JPY bulls could prevail - Technical Analysis - Dukascopy Bank
Tue, 09 Mar 2021 07:29:39 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
49%
40%
18.0%
Shorts
51%
60%
-17.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Sell
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇒
⇒
⇗
The EUR/JPY currency pair rebounded from the lower line of an ascending channel pattern at 128.88 on Monday. As a result, the Eurozone single currency has surged by 62 pips or 0.48% against the Japanese Yen since yesterday's trading session.
Given that the exchange rate has bounced off the support line, bullish traders are likely to continue to pressure the price higher during the following trading session. The potential target for buyers will be near the 130.00 area.
However, the weekly resistance level at 129.72 could provide resistance for the currency exchange rate within this session.
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