EUR/JPY Analysis: Sets for breakout
|EURJPY
The common European currency continued to maintain a junior ascending channel pattern against the Japanese Yen on Tuesday. The 50-hour simple moving average provided support for the currency pair at 121.92 during yesterday's trading session.
Given that the exchange rate is trading near the upper border of the channel pattern, a breakout could occur within this session.
If this breakout occurs, a surge towards a swing high at 122.40 could be expected within this session.
However, a resistance cluster formed by the combination of the weekly and the monthly PPs at 122.16 could provide resistance for the pair today.
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.