EUR/JPY bounces off support cluster at 125.25

Dukascopy Bank Team Dukascopy Bank SA

The Eurozone single currency is gradually gaining strength against the Japanese Yen. The currency pair bounced off its lower boundary of a descending channel on Monday, and as a result, the rate breached the 55-hour simple moving average near the 126.25 mark.

By the middle of the European market on Tuesday, the exchange rate has breached yesterday trading range at 126.76. Moreover, the 55-hour SMA was providing support for the price during the morning hours.

Technical indicators remain bearish on the daily time-frame, it is likely that the Euro slide lower during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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