EURJPY Analysis: Meets support cluster


Downside risks dominated the Eurozone single currency against the Japanese Yen on Thursday, as the exchange rate closed the trading session with 120 base points decline. Along the way, the currency pair broke some significant support level. Namely, the bottom border of a downtrend channel and the weekly S1 at 127.8.

By the end of the European trading session on Friday, the exchange rate tested a support cluster formed by the combination of the weekly and the monthly PPs near the 126.9 mark.

If the aforementioned support cluster holds, the EUR/JPY currency exchange rate might make a corrective move to the upside today.


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