EURJPY Analysis: Moving towards target at 128.89
|EURJPY
The common European currency depreciated about 114 base points against the Japanese Yen on Friday. The currency pair breached both the 50– and the 100-hour SMAs at 129.79 during the end of Friday's session.
By the middle of the European trading session on Monday, the exchange rate was located near the lower boundary of a descending channel at 129.32.
Everything being equal, it is likely that the EUR/JPY currency pair continues its downside momentum during the following trading session. The potential target for bearish traders could be a support cluster formed by the combination of the weekly and the monthly PPs near the 128.89 regions with the coming hours.
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