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Since the second part of Tuesday's trading hours, the EUR/JPY currency exchange rate has been trading between the 127.50 and 128.00 levels. Meanwhile, the currency pair was ignoring the support of the weekly S1 simple pivot point at 127.80.
If the Euro continues to decline against the Japanese Yen, the currency rate would have to pass below the 127.50 mark, before approaching the 127.00 level. Further below, note the lower trend line of the channel down pattern in the 126.50 and 127.00 range.
On the other hand, a recovery of the EUR against the JPY might find resistance first in the 128.00 level. Higher above, note the zone at 128.25/128.40, which could act as resistance. Above the zone, take into account the 128.50 level and the 50-hour simple moving average.
Wed, 02 Mar 2022 09:11:19 GMT
Source: Dukascopy Bank SA
Since the second part of Tuesday's trading hours, the EUR/JPY currency exchange rate has been trading between the 127.50 and 128.00 levels. Meanwhile, the currency pair was ignoring the support of the weekly S1 simple pivot point at 127.80.
If the Euro continues to decline against the Japanese Yen, the currency rate would have to pass below the 127.50 mark, before approaching the 127.00 level. Further below, note the lower trend line of the channel down pattern in the 126.50 and 127.00 range.
On the other hand, a recovery of the EUR against the JPY might find resistance first in the 128.00 level. Higher above, note the zone at 128.25/128.40, which could act as resistance. Above the zone, take into account the 128.50 level and the 50-hour simple moving average.