EUR/JPY Analysis: could make brief retracement

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

Upside risks dominated the common European currency against the Japanese Yen on Thursday, thus, allowing the currency pair to gained about 109 basis points during yesterday's trading session.

As for the near future, the EUR/JPY exchange rate could make a brief retracement towards a support level formed by the 50– hour simple moving average at the 118.40 area.

However, a support level, formed by the weekly R2 at 118.64, might restrict the currency exchange rate from falling during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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