EUR/JPY analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The single European currency declined by 54 pips or 0.41% against the Japanese Yen on Monday. The decline was stopped by the 50– hour simple moving average during Monday's trading session.

The exchange rate bounced off the 50– hour SMA at 132.00 during the Asian session on Tuesday. Most likely, the EUR/JPY currency pair could edge higher within today's session.

However, the weekly resistance level at 132.49 could provide resistance for the currency exchange rate in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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