EUR/JPY declines in channels

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Source: Dukascopy Bank SA


A review of the EUR/JPY currency pair on January 25th revealed that the rate has been declining in channel down patterns. In regards to the short term, the junior channel should be watched. In the meantime, the rate was approached by the 50-hour simple moving average.

In the case that the rate is pushed down by the 50-hour simple moving average, the pair might look for support in the 128.50 mark. Afterwards, the lower trend line of the channel down patter could support the Euro against the Japanese Yen.

On the other hand, a potential move above the 50-hour SMA could aim at the upper trend line of the channel pattern. However, take into account that some resistance has been shown by the 129.00 mark.
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