EUR/JPY analysis: Nears 132.50 level

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency surged by 70 pips or 0.53% against the Japanese Yen on Wednesday. The currency pair breached the 50– hour simple moving average during Wednesday's trading session.

Currently, the EUR/JPY exchange rate is trading near the resistance level at the 132.52 area.

If the resistance line holds, a decline towards the 132.00 regions could be expected within this session.

However, if the currency exchange rate breaks the resistance level, bullish traders could target the weekly R2 at 132.93 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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