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EUR/JPY Supported By 200-Hour SMA

The single European currency depreciated about 56 base points against the Japanese Yen on Wednesday. The currency pair breached both the 50– and 100-hour SMAs during yesterday’s trading session.

Currently, the 200-hour simple moving average is providing support for the exchange rate at 122.15.

If this support level holds, a surge towards the 123.20 regions could be expected during the following trading session.

However, if the pair passes the 200-hour SMA, a potential breakout through the bottom border of an ascending channel pattern is likely to occur today.

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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