EUR/JPY Analysis: Likely to pass monthly PP at 126.69

EUR/JPY

The single European currency depreciated about 45 base points against the Japanese Yen on Tuesday. The 50-hour simple moving average provided resistance for the currency pair during the previous trading session.

In regards to the nearest future, it is likely that the exchange rate will break the monthly resistance level at 126.69 and make a surge towards the upper boundary of a medium-term ascending channel pattern at 127.33.

However, if the monthly PP at 126.69 holds, the EUR/JPY currency exchange rate will aim for a support line set by the 200-hour SMA at 125.79 during the following trading session.

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