EURJPY Analysis: Bearish market
|EURJPY
EUR/JPY traded with low volatility on Tuesday as it was pressured by a support cluster formed of the 55-hour simple moving average and the monthly pivot point near the 128.82 mark, and the resistance set by the 100-hour SMA.
The exchange rate started Wednesday's session trading with high volatility as the pair decline by 89 base points during the first part of the trading session.
Given that the currency exchange rate has moved closer to the border of a junior ascending channel, a breakout is likely to occur during the following trading sessions.
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