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EUR/JPY Analysis: Breakout Could Occur

The common European currency declined by 94 basis points or 0.75% against the Japanese Yen on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 124.65 on Wednesday morning.

All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bullish traders are likely to pressure the currency exchange rate towards the 125.40 level within this session.


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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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