EUR/JPY analysis: Breached channel pattern

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency grew by 72 pips or 0.54% against the Japanese Yen on Monday. The currency pair breached the 50– and 200– hour SMAs during yesterday's trading session.

Given that the exchange rate has breached the upper boundary of a descending channel pattern, bullish traders will most likely drive the price higher during the following trading session.

However, buyers are likely to encounter resistance at 133.05 during Tuesday's trading session.

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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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