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EUR/JPY Supported By 100-Hour SMA

During Tuesday’s trading session, the Eurozone single currency was trading near the lower boundary of a medium-term ascending channel pattern. The 100-hour simple moving average provided support for the pair at 126.30.

As for the near future, it is expected that the 50– and 100-hour SMAs will drive the EUR/JPY exchange rate towards a resistance level formed by the weekly R1 at 127.08.

If the resistance level as mentioned above holds, the currency exchange rate will make a brief retracement towards the 126.63 region within this session.

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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