EUR/JPY Analysis: tests 50– hour SMA
|EUR/JPY
The common European currency traded with low volatility against the Japanese Yen on Monday. The currency pair made about 30 pips movement during yesterday's trading session.
The 50– hour simple moving average has continued to provide support for the currency exchange rate today.
If the support level continues to hold, bullish traders could drive the exchange rate further north within this session.
However, if the EUR/JPY pair breaks the 50– hour SMA, a decline towards a support cluster formed by the 100-hour SMA and the weekly pivot point at 118.90 could be expected.
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.