EUR/JPY finds support in 200-hour SMA

Source: Dukascopy Bank SA


On Friday, the EUR/JPY currency pair found support in the 200-hour simple moving average and started a surge. By the middle of Monday's European trading hours, the rate had reached the resistance of the weekly R1 simple pivot point at 138.34 and the August high level at 138.45.

A move above the August high level and the 138.50 level could encounter resistance in the 139.00 level and the weekly R2 simple pivot point at 139.39. Higher above, the 139.50 and 140.00 levels are expected to act as resistance.

Meanwhile, a decline of the Euro against the Japanese Yen might find support in the late-August high level at 138.00. Further below, the 137.50 level could slow down a potential decline, before the rate reaches the combination of the 137.00 level, the weekly simple pivot point at 136.93 and the 50 and 200-hour simple moving averages.
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