EUR/JPY bounces off support - Technical Analysis - Dukascopy Bank
Thu, 18 Mar 2021 06:33:38 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
41%
39%
4.2%
Shorts
59%
61%
-2.9%
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)
Neutral
Buy
Buy
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇒
⇗
⇗
The EUR/JPY currency pair bounced off a support level formed by the 200– hour simple moving average at 129.56 on March 16. As a result, the common European currency surged by 93 pips or 0.73% against the Japanese Yen during yesterday's trading session.
As for the near future, the currency exchange rate is likely to continue to edge higher in an ascending channel pattern. The possible target for bullish traders would be near the 130.86 area.
A potential downside reversal could occur from the weekly resistance level at 130.86 within the following trading session.
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