EUR/JPY Analysis: buy signals today

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

On Friday, the European single currency surged by about 118 basis points against the Japanese Yen. However, after hitting the monthly R1 at 119.90, the currency pair made a U-turn south.

Currently, the exchange rate is near a support level formed by the 50– hour simple moving average at 119.14.

If the support level holds, the EUR/JPY pair will most likely continue its upside movement within this session.

On the other hand, if the currency exchange rate breaches 50– hour SMA, a decline towards the lower line of an ascending trendline could be expected today.

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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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