EUR/JPY analysis: Could continue to decline
|EUR/JPY
The common European currency declined by 43 pips or 0.34% against the Japanese Yen on Monday. The currency pair breached the 50– and 200– hour SMAs during Monday's trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bears would be near the weekly S1 at 123.40.
However, a support line at the 123.60 area could provide support for the currency exchange rate in the shorter term.
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.