EUR/JPY Analysis: near weekly R1 at 121.10

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

During Tuesday's trading session, the European single currency appreciated about 46 basis points against the Japanese Yen.

The exchange rate bounced off from the lower boundary of an ascending channel pattern at 120.60 during yesterday's session. The currency pair is currently trading near the weekly R1 at 121.10.

By and large, the EUR/JPY pair will most likely break the weekly resistance level within this session.

However, if the resistance line holds, a breakout through the bottom border of the channel pattern could occur today.

Author

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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