EURJPY Analysis: Falling Wedge Pattern

Technical analysis of Forex market

Downside risks dominated the EUR/JPY currency pair on Thursday. The common European currency ended Thursday’s session with about 58 points declined against the Japanese Yen.

The exchange rate is trading near the bottom boundary of a falling wedge pattern and the weekly support level at127.43 during the middle of today’s session.

If this support line as mentioned above holds, the currency exchange rate will target the 50-hour simple moving average at the 128.00 mark during the following trading session.

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