EUR/JPY Analysis: Could edge lower

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The single European currency appreciated by 90 pips or 0.75% in value against the Japanese Yen on Friday. The currency pair breached the monthly pivot point at 120.93 during Friday's trading session.

As for the near future, the exchange rate could make a brief pullback towards the lower boundary of an ascending channel pattern at 120.05.

However, the weekly pivot point at 120.27 could provide support for the currency exchange rate during the following trading session. The potential target for bullish traders would be at the 121.50 area.

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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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