EUR/JPY tests resistance zone

Source: Dukascopy Bank SA


At midnight to Thursday, the EUR/JPY currency pair tested the resistance zone at 136.50/136.80. The rate bounced off the resistance and declined to the 134.25 level, before a recovery started. During the mid-day hours, another test of the 136.50/136.80 zone was highly likely.

If the rate manages to reach above the 136.80 level, the 137.00 and 137.50 levels could act as resistance, before the pair reaches the 138.00 level and the weekly R2 simple pivot point at 138.08.

On the other hand, a potential decline is expected to look for support in the 135.00/135.25 zone., before approaching the low levels at 134.55/134.75. Meanwhile, note that the pair has been ignoring the 50, 100 and 200-hour simple moving averages.
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