EURJPY Analysis: Breakout occurred

Dukascopy Bank Team Dukascopy Bank SA

The common European currency spent most of Tuesday on a negative note, thus breached the 55-, 100-, and the 200– hour SMAs. The Euro surrendered all it gains it has accumulated during the last three days.

During the second part of Wednesday's session, the currency pair was trading with high volatility. As a result, the pair breakout through the lower boundary of an ascending channel.

Given that a breakout had occurred, it could be that an upside potential might not present itself today. In addition, technical indicators suggest that the currency exchange rate is likely to continue its decline during the following trading sessions.

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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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