EUR/JPY breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 12 May 2021 06:58:16 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
27%
28%
-3.5%
Shorts
73%
72%
1.3%
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
Buy
Buy
Aggregate
⇒
⇗
⇗
The common European currency declined by 52 pips or 0.39% against the Japanese Yen on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, the exchange rate could continue to edge lower during the following trading session. The potential target for the currency pair would be near the 131.40 area.
However, a support cluster formed by the weekly pivot point and the 200– hour simple moving average at 131.73 could provide support for the currency exchange rate within this session.
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