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EUR/JPY Bounces Off Support

The EUR/JPY currency bounced off the bottom border of a descending channel pattern at 123.37 on Thursday. As a result, the common European currency surged by 76 points or 0.61% against the Japanese Yen.

Everything being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper line of the descending channel could occur.

However, the resistance cluster near the 124.50 could provide a barrier for bulls 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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