EUR/JPY Analysis: targets at 131.64

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

No significant changes occurred to the single European currency against the Japanese Yen on Wednesday. The currency pair traded along the 50-hour simple moving average at 131.12.

Everything being equal, the EUR/JPY currency pair could target a resistance cluster formed by the combination of the weekly and the monthly pivot points near the 131.64 within this session.

If the currency exchange rate passes the resistance cluster as mentioned earlier, a potential breakout through the upper boundary of a two-week ascending channel could be expected during the following trading sessions.

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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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