EUR/JPY
The common European currency has surged by 132 pips or 1.13% in value against the Japanese Yen since Friday's trading session. A breakout occurred through the upper boundary of a descending channel pattern on Monday morning.
Given that a breakout had occurred, the currency pair will most likely continue to edge higher within this session. The potential target could be at a resistance cluster formed by the 200– hour simple moving average and the monthly pivot point at the 118.87 area.
Although, technical indicators suggest that the EUR/JPY exchange rate might trade sideways during the following trading session.
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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