EURJPY Analysis: Reaches bottom border


The EUR/JPY currency has retraced from the weekly resistance level at 130.27. The pair has, in fact, reached the lower boundary of a dominant ascending channel pattern where the 55– hour simple moving average is located.

The main attention on Thursday was focused on the aforementioned support line. If it gets passed the next target could be the 200– hour SMA at 129.33. However, the pair first needs to surpass the 100– hour SMA.

Technical indicators demonstrate that bullish sentiment might come into play during the following trading session.


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