EUR/JPY Analysis: Tests 50– and 100-hour SMAs

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

As apparent on the 1(H) chart, the common European currency versus the Japanese Yen tried to surpass a resistance level at 126.69 during Wednesday's trading session.

Given that the 50– and 100-hour simple moving averages are providing resistance for the exchange rate near the 126.53 area, it is expected that the pair decline within this session.

If the currency exchange rate passes the resistance cluster, t is likely some upside potential prevails in the market today.

Meanwhile, technical indicators flash bullish signals on both the 4(H) and daily time frames chart.

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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