EUR/JPY analysis: Two scenarios likely
|EUR/JPY
The Eurozone single currency declined by 58 pips or 0.43% against the Japanese Yen. The decline was stopped by the 50– hour simple moving average during Wednesday's trading session.
As for the near future, the exchange rate is likely to continue to trade in an ascending channel pattern. The potential target for the EUR/JPY pair will be near the 134.07 level.
However, given that the currency exchange rate is currently trading near the lower line of the channel pattern, a breakout could occur within this 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.