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The common European currency declined by 63 pips or 0.48% against the Japanese Yen on Thursday. The currency pair tested the support level at 129.66 during Thursday’s trading session.

If the EUR/JPY exchange rate breaks the support line, as mentioned above, a decline towards the 129.20 area could be expected during the following trading session.

However, if the support level at 129.66 holds, bullish traders are likely to pressure the currency exchange rate higher towards the 130.40 region within the following trading hours.

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