EURJPY Analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The price movement of the common European currency against the Japanese Yen has been guided by a junior ascending channel pattern. The currency pair tested the upper boundary of the channel at 129.25 during yesterday's session.

The EUR/JPY currency pair breached the lower boundary of the channel pattern at 128.36 during the middle of Thursday's trading session.

Given that a breakout had occurred, the currency exchange rate is likely to continue its decline towards the monthly support level at 127.71 during the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

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