EURJPY Analysis: Potential breakout
|EURJPY
EUR/JPY has been diminishing its trading range for the last two consecutive trading session. This bearish momentum has left the currency pair losing around 380 base points or 2.95% of its value.
The common European currency breached the monthly pivot point at 126.83 and also tested a support cluster set by the combination of the weekly and the monthly PPs near the 125.25 mark.
Technical indicators flash bearish signals for the exchange rate today; This could suggest that a breakout through the lower boundary of a junior descending channel is likely to occur during the following trading session.
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