Dukascopy Bank Team
Dukascopy Bank SA
EUR/JPY
The 50– hour simple moving average has continued to pressure the Eurozone single currency lower against the Japanese Yen. The currency pair has declined by 65 basis points since Wednesday's trading session.
Currently, the exchange rate is trading near the bottom border of a descending channel pattern at 121.48.
From a theoretical point of view, a breakout could occur within the following trading session.
Although, if the channel pattern holds, the currency exchange rate will likely make brief upside retracement towards the 50– hour SMA at 121.85 in this session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD eases below 1.0900 amid cautious mood
EUR/USD has erased gains to trade on the back foot below 1.0900 early Tuesday. The pair treads water amid a cautious market mood, as traders weigh the US political updates and China slowdown worries. The US Dollar remains subdued, in the absence of top-tier economic data.
GBP/USD drops toward 1.2900 as US Dollar looks to stabilize
GBP/USD is dropping toward 1.2900, lacking firm direction in European trading on Tuesday. The US Dollar looks to stabilize after the early decline, weighing on the pair. Traders await mid-tier US housing data for fresh trading impetus.
Gold price struggles to gain ground amid mixed fundamental cues
A combination of factors drag the Gold price lower to nearly a one-week low on Tuesday. Bets that the Fed will cut rates in September could lend support and help limit losses.
Bitcoin price struggles around $67,000 as US Government transfers, Mt. Gox funds movement weigh
Bitcoin (BTC) struggles around the $67,000 mark and declines by 1.7% at the time of writing on Tuesday at around $66,350. Bitcoin spot ETFs saw significant inflows of $530.20 million on Monday.
Big tech rebound ahead of earnings, Oil slips
/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
Tesla and Google are due to report earnings today after the bell, and their results could shift the wind in either direction. Despite almost doubling its stock price between April and July, Tesla sees appetite for its cars and its market share under pressure.