EUR/JPY analysis: Sellers could prevail

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency rose by 42 pips or 0.32% against the Japanese Yen on Wednesday. The surge was stopped by the 50– hour simple moving average during yesterday's trading session.

Technical indicators flash sell signals on the 4H time-frame chart. Most likely, sellers could pressure the EUR/JPY exchange rate lower during the following trading session.

However, a support level at 129.66 could provide support for the currency exchange rate within this session.

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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