EUR/JPY Analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The common European currency traded sideways against the Japanese Yen on Wednesday. The currency pair was trading near the weekly resistance level at 125.47 during yesterday's session.

If the weekly resistance level at 125.47 holds within this session, the next target for bullish traders will be near February 4 high levels at 125.93.

However, if the currency exchange rate reverses from the current price level at 125.79 and passes the resistance line as mentioned earlier, a decline towards the 100-hour simple moving average at 125.21 could be expected during the following trading session.

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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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