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EUR/JPY Could Slide Lower

The common European currency surged by 119 pips or 0.98% against the Japanese Yen on Wednesday. The currency pair breached the psychological support level at 122.00 during Wednesday’s trading session.

All things being equal, the EUR/JPY exchange rate could slide lower within this session. The possible target for sellers would be near the support level at the 120.69 area.

However, a support cluster formed by the weekly support level and the 50– hour simple moving average at 121.57 could provide support for the currency exchange rate today.

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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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