EUR/JPY analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

On Tuesday, the common European currency declined by 69 pips or 0.53% against the Japanese Yen. The currency pair breached the 50– hour simple moving average during Tuesday's trading session.

The EUR/JPY exchange rate is currently trading near the lower line of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 129.00 level could be expected within this session.

However, if the channel pattern holds, buyers are likely to target the resistance level at 129.69 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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