The common European currency has depreciated about 1.11% in value against the Japanese Yen since September 20. A breakout occurred through the lower boundary of an ascending channel pattern at 118.50 during the morning hours of Monday's trading session.
Currently, the exchange rate is testing a support cluster formed by the combination of the weekly S1 and the monthly pivot point at 117.99.
If the support cluster holds, a brief retracement towards the 118.66 area might occur within this session.
However, if the EUR/JPY pair passes the support cluster, the currency exchange rate might fall by 140 pips before the end of today's trading session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.