EUR/JPY analysis: Could slide lower

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency declined by approximately 170 basis points or 1.42% in value against the Japanese Yen on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday's trading session.

Everything being equal, the EUR/JPY exchange rate will most likely continue to slide lower until it reaches a support cluster formed by the weekly S1 and the monthly S1 near the 118.00 area.

However, given that technical indicators flash mixed signals, the currency exchange rate might likely consolidate below the 119.50 region 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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