EUR/JPY Analysis: Bullish sentiment today

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

During Friday's trading session, the common European currency depreciated about 42 base points against the Japanese Yen. The decline was stopped by a support level formed by the 50-hour simple moving average at 126.15.

As for the near future, it is likely that the currency exchange rate maintains a junior ascending channel pattern. The potential upside target will be near the upper boundary of the channel at 127.08.

However, the EUR/JPY currency pair could reverse from the current level at 126.54 and aim for the 100-hour SMA at 126.03 during the following 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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