EUR/JPY Analysis: Likely to edge lower

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The single European currency depreciated about 76 base points against the Japanese Yen on Friday. The currency pair breached a support cluster formed by the combination of the weekly and the monthly PPs at 124.34 during Friday's trading session.

Today's session began with a bearish momentum, and by the middle of the European trading session, the exchange rate has dashed through the 200-hour SMA at 124.10.

By and large, it is likely that the currency exchange rate continues to edge lower and potentially aim for a support level at 123.62 during the following trading hours.

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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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