EURJPY Analysis: Bullish today

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

Bulls managed to regain some of its lost positions yesterday, as the rate bounced off the lower boundary of an ascending trend line and made a breakout. The exchange rate breached the up border of a downtrend channel during the early hours of Friday's trading session.

After piercing through the 200-hour simple moving average at 128.45, the currency pair pullback.

Everything being equal, the EUR/JPY currency exchange rate is likely to depreciate further south within this session toward a support cluster formed by the combination of the 55– and 100-hour SMAs near the 127.71 mark.

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Dukascopy Bank Team

Dukascopy Bank SA

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