EUR/JPY Analysis: trades below 50-hour SMA
|EUR/JPY
Downside momentum dominated the common European currency against the Japanese Yen on Wednesday. The exchange rate declined about 120 base points during the end of yesterday's session.
By the middle of Thursday's session, the currency pair was trading below the 50-hour simple moving average at 129.67. Furthermore, the weekly S2 at 129.51 was providing support for the pair during the morning hours of today's session.
If this support level as mentioned earlier holds, the currency exchange rate could make a brief movement towards a resistance cluster formed by the 100-hour SMA and the weekly S1 near the 130.28 regions during the following trading hours.
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.