EUR/JPY analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

During the first half of yesterday's trading session, the Eurozone single currency declined by 63 pips or 0.48% against the Japanese Yen. However, the Euro rebounded from a support level at 129.85 at the end of the day.

Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could continue to edge higher during the following trading session.

Although, a resistance level at 130.53 could provide resistance for the EUR/JPY currency exchange rate in the shorter term.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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