Tue, May 18, 2021 @ 10:12 GMT
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EUR/JPY Breakout Occurs

The Eurozone single currency has declined by 82 pips or 0.63% against the Japanese Yen since Friday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Monday.

The exchange rate bounced off a support level at 129.66 on Monday morning. Most likely, the EUR/JPY pair could continue to edge higher during the following trading session.

However, a resistance cluster formed by the 50– and 200– hour SMAs and the weekly pivot point at 130.25 could provide resistance for the currency exchange rate within this session.

Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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