Dukascopy Bank Team
Dukascopy Bank SA
EURJPY
The common European currency has depreciated about 50 base points against the Japanese Yen since yesterday's trading session. The currency pair tested the lower boundary of a junior ascending channel pattern during the Asian session on Tuesday.
After hitting the 200-hour simple moving average at 124.81, the EUR/JPY exchange rate began to gain strength.
As for the near future, it is likely that the currency exchange rate will aim at a swing high of 125.47.
However, a resistance level formed by the upper boundary of a dominant descending channel at 125.26 could hinder such movement today.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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