EUR/JPY Analysis: bulls might continue to prevail
|EUR/JPY
The common European currency appreciated by 70 basis points against the Japanese Yen on Wednesday. The currency pair was guided up by the 50– hour simple moving average throughout yesterday's trading session.
The EUR/JPY exchange rate will most likely continue to edge higher within the following session. The potential target for bullish traders would be near a resistance cluster at 121.92.
However, the weekly R1 at 120.72 could restrict bulls from pushing the currency exchange rate further north within the following trading session.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.