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EUR/JPY Moving Towards Psychological Resistance Level

The common European currency appreciated about 54 base points against the Japanese Yen on Monday. The currency pair has reversed a new junior ascending channel pattern.

The exchange rate breached both the 200-hour simple moving average at 128.58 and the monthly pivot point at 128.71 during the morning hours of Monday’s trading session.

Everything being equal, it is likely that the EUR/JPY currency exchange rate aim for the upper boundary of a descending trendline at 129.00 during the following trading session.

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