EUR/JPY surge reaches 139.00

Source: Dukascopy Bank SA


The surge of the Euro against the Japanese Yen eventually encountered resistance in the 139.00 mark. Afterwards, a retracement to the support of the weekly R1 simple pivot point at 138.34 took place. During the morning hours of Tuesday's trading, the pair fluctuated in the 138.30/139.00 range.

If the pair resumes its surge higher, the weekly R2 simple pivot point at 139.39 might slow down the rate. Higher above, the 139.50, 140.00 and 140.50 levels are expected to act as resistance.

On the other hand, a decline of the Euro versus the Yen would have to pass below the weekly R1 at 138.34, prior to looking for support in the combination of the late-August high and the 50-hour simple moving average near 138.00. Further below, the 137.50 level could provide support, before the rate reaches the 137.00 mark and the 200-hour simple moving average with the weekly simple pivot point.
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