HomeContributorsTechnical AnalysisEUR/JPY Could Decline Today

EUR/JPY Could Decline Today

The common European currency surged by 88 pips or 0.75% against the Japanese Yen on Thursday. The currency pair tested the upper boundary of an ascending channel pattern at 119.37 during yesterday’s trading session.

All things being equal, the EUR/JPY exchange rate could decline within the following trading session. Bearish traders are likely to pressure the price towards the 118.20 level.

However, a support cluster formed by the 50– hour simple moving average and the weekly R1 at 118.67 could provide support for the currency exchange rate during the following trading session.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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