EURJPY
The price movement of the single European currency versus the Japanese Yen was guided by a junior descending channel pattern on Tuesday. The exchange rate bounced off its lower boundary at 127.72 during yesterday's session.
The currency pair breached the 50-hour simple moving average at 128.01 during the first part of Wednesday's trading session.
Given that the EUR/JPY currency exchange rate has breached the 50-hour SMA, the next target for bullish traders will be near a resistance cluster formed by the combination of the 100– and 200-hour SMAs and the weekly pivot point at the 128.49 region.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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