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The Eurozone single currency declined by 80 points or 0.65% against the Japanese Yen on Wednesday. The decline was stopped by the 50– and 200– hour SMAs during yesterday’s trading session.

Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 122.43 and could be set for a breakout.

If the breakout occurs, a surge towards the 122.99 level could be expected within this session.

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However, if the channel pattern holds, bears might drive the price lower during the following trading hours.

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