Dukascopy Bank Team
Dukascopy Bank SA
EUR/JPY
The common European currency declined by 51 pips or 0.42% against the Japanese Yen on Wednesday. The currency pair tested the lower line of a descending channel pattern at 122.64 during the Asian session on Thursday.
Given that the exchange rate has bounced off the bottom border of the channel pattern, a surge towards the 123.40 level could be expected during the following trading session.
However, a resistance level at 123.20 area could provide a barrier for bullish traders within this session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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