HomeContributorsTechnical AnalysisEUR/JPY Breakout Occurs

EUR/JPY Breakout Occurs

Downside risks prevailed in the market on Thursday. As a result, the common European currency broke both the short and the medium-term ascending channel pattern.

As for the near future, it is possible that the currency exchange rate makes a brief retracement towards the 50-hour simple moving average at 125.01 during the following trade session.

However, it is important to note that a resistance cluster formed by the combination of the 100– and 200-hour SMAs at 124.90 could hinder such movement.

Meanwhile, technical indicators suggest that the overall market sentiment could remain bearish.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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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