EUR/JPY Analysis: Sets for breakout

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.

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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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