EUR/JPY Analysis: breaches 50-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The 50-hour simple moving average pulled down the Eurozone single currency against the Japanese Yen on Friday. The pair depreciated about 0.42% during Friday's trading session.

The currency pair started Monday's trading session with an upside movement. By the middle of the day, the EUR/JPY pair has breached a resistance level at 124.94.

As for the near future, it is likely that bullish traders push the currency exchange rate towards a resistance cluster formed by the weekly PP and the 100-hour SMA at 124.80.

However, technical indicators suggest that the pair will continue its southern movement today.

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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