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EUR/JPY Analysis: Makes New High

The Eurozone single currency appreciated about 106 base points against the Japanese Yen on Tuesday. The exchange rate made a new high at 123.73 during yesterday’s trading session.

The currency pair is currently testing the 50-hour simple moving average at 123.06.

If the support level formed by the 50-hour SMA holds, a surge towards the monthly pivot point at 123.81 could be expected within this session.

On the other hand, if the EUR/JPY currency exchange rate passes the support level, bears are likely to aim for the lower boundary of an ascending channel pattern at 122.59.

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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