EURJPY Analysis: Moving towards target at 128.89

Dukascopy Bank Team Dukascopy Bank SA

EURJPY

The common European currency depreciated about 114 base points against the Japanese Yen on Friday. The currency pair breached both the 50– and the 100-hour SMAs at 129.79 during the end of Friday's session.

By the middle of the European trading session on Monday, the exchange rate was located near the lower boundary of a descending channel at 129.32.

Everything being equal, it is likely that the EUR/JPY currency pair continues its downside momentum during the following trading session. The potential target for bearish traders could be a support cluster formed by the combination of the weekly and the monthly PPs near the 128.89 regions with the coming hours.

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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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