EURJPY Analysis: Bullish today
|EURJPY
Bulls managed to regain some of its lost positions yesterday, as the rate bounced off the lower boundary of an ascending trend line and made a breakout. The exchange rate breached the up border of a downtrend channel during the early hours of Friday's trading session.
After piercing through the 200-hour simple moving average at 128.45, the currency pair pullback.
Everything being equal, the EUR/JPY currency exchange rate is likely to depreciate further south within this session toward a support cluster formed by the combination of the 55– and 100-hour SMAs near the 127.71 mark.
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