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EUR/JPY Breakout Occurs

The common European currency surged by 59 pips or 0.47% against the Japanese Yen on Thursday. A breakout occurred through the upper line of a descending channel pattern during yesterday’s trading session.

Given that a breakout has occurred, the EUR/JPY currency exchange rate is likely to continue to edge higher today. The potential target for bulls would be near the 126.40 level.

However, a resistance line at 126.20 could provide a barrier for bullish traders within the following trading 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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