EUR/JPY reaches above resistance zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Monday morning, the EUR/JPY currency exchange rate passed above the high level zone, which had kept the rate down since May 11. Meanwhile, it was spotted that during the same time period the pair has been finding support in an ascending trend line. Combining the support and resistance, one can spot an ascending triangle pattern. In theory, the pair has broken the triangle pattern to the upside and a surge should occur.

A move up by the Euro against the Japanese Yen could encounter resistance in the 137.00 level, the weekly R1 simple pivot point at 137.25, the 137.50 level and the 138.00 mark. At the 138.00 level, the early May high level zone starts.

On the other hand, a decline of the pair is expected to look for support in the 136.50/136.80 zone, before approaching the 50 and 100-hour simple moving averages at 136.15 and 136.30.
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