EUR/JPY analysis: Two scenarios likely

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The common European currency surged by 46 pips or 0.36% against the Japanese Yen on Friday. The currency pair tested the 130.60 level during the Asian session on Monday.

The exchange rate reversed from a resistance level at 130.60 on Monday morning. Most likely, the EUR/JPY pair could continue to edge lower during the following trading session.

However, a support level formed by the 200– hour simple moving average at 130.15 could provide support for the currency exchange rate in the shorter term.

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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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