EUR/JPY Analysis: two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The European single currency has continued to edge lower against the Japanese Yen. The currency pair depreciated by 0.54% in value during Monday's trading session.

As for the near future, the EUR/JPY exchange rate could edge higher. The potential target for bullish traders will be near a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 120.35.

However, the 50– hour simple moving average could continue to pressure the currency exchange rate lower within 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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