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EUR/JPY Bounces Off Support

The Eurozone single currency bounced off the lower boundary of a descending channel pattern against the Japanese Yen at the end of yesterday’s trading session. As a result, the currency pair surged by 51 basis points.

In regards to the near future, the EUR/JPY exchange rate will likely continue to gain strength. The possible target will be at resistance level formed by the 200– hour simple moving average at 120.32.

However, a resistance cluster formed by the monthly pivot point and the 100– hour SMA at 119.65 could restrict bullish traders from pushing the price higher 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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