EURJPY Analysis: Meets support cluster
|EURJPY
A one-week ascending channel has guided the movement of the Eurozone single currency against the Japanese Yen. Moreover, the 55– and 100-hour SMAs was providing support for the exchange rate, as can be observed on the 1H chart.
Two scenarios are likely to occur to this currency pair today. First, bulls could continue pushing the price upward for a potential test of the 200-hour simple moving average.
Second, the currency exchange rate might reverse from currency price level and try to break out through the lower boundary of the junior ascending channel during the following trading session.
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