EUR/JPY Moving Towards Psychological Resistance Level

Technical analysis of Forex market

The common European currency appreciated about 54 base points against the Japanese Yen on Monday. The currency pair has reversed a new junior ascending channel pattern.

The exchange rate breached both the 200-hour simple moving average at 128.58 and the monthly pivot point at 128.71 during the morning hours of Monday’s trading session.

Everything being equal, it is likely that the EUR/JPY currency exchange rate aim for the upper boundary of a descending trendline at 129.00 during the following trading session.

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