EUR/JPY analysis: Bounces off support cluster

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency is gradually edging higher in an ascending channel pattern against the Japanese Yen. The currency pair tested the 126.40 level during yesterday's trading session.

The exchange rate bounced off a support cluster formed by the 50– and 100– hour SMAs at 125.38 on Friday morning. Most likely, bulls could pressure the EUR/JPY pair higher within the following trading session.

However, the weekly pivot point at 126.03 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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