Dukascopy Bank Team
Dukascopy Bank SA
EUR/JPY
The EUR/JPY currency pair has continued to trade south in a descending channel pattern. The Euro has depreciated about 0.44% in value since yesterday's trading session.
The exchange rate was trading near the lower bound of a descending channel at 121.02 during the first part of Thursday's trading session.
Most likely, a breakout could occur through the lower boundary of the channel pattern within this session.
However, if the descending channel holds, a retracement towards a resistance level formed by the 200-hour SMA could be expected today.
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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