EUR/JPY Analysis: set for breakout

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The single European currency appreciated by 68 basis points against the Japanese Yen on Wednesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday's trading session.

The exchange rate is currently trading near the upper boundary of a descending channel pattern at 120.69.

If the EUR/JPY pair breaks the descending channel, a surge towards the 121.00 could be expected within this session.

However, if the channel pattern hold, bearish traders could target a support cluster at the 120.37 zones in the nearest future.

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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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