The common European currency is gradually depreciating against the Japanese Yen. The currency pair has moved closer to the border of a dominant channel and is likely to go for breakout.
The combination of the 55– and 100– hour simple moving averages was pressuring the rate further south. Given that the SMAs was breached, the exchange rate is likely to continue falling until it finds support at the weekly pivot point at 130.94.
However, technical indicators suggest a different scenario. It suggests that the EUR/JPY pair could be set for a surge during the next 24 hours.
The combination of the 55– and 100– hour simple moving averages was pressuring the rate further south. Given that the SMAs was breached, the exchange rate is likely to continue falling until it finds support at the weekly pivot point at 130.94.
However, technical indicators suggest a different scenario. It suggests that the EUR/JPY pair could be set for a surge during the next 24 hours.