EUR/JPY Analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The common European currency appreciated about 68 base points against the Japanese Yen on Wednesday. The currency pair maintained a junior ascending channel pattern during yesterday's trading session.

Today's session began with a bullish sentiment. By the middle of the day, a breakout had occurred through the upper boundary of the junior ascending channel pattern.

Given that a breakout has occurred, it is likely that the currency exchange rate aims for a resistance level at 126.76 within this trading session.

If the pair reaches the resistance line as mentioned above, a pullback could be expected.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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