EUR/JPY reveals support and resistance

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


The EUR/JPY has been respecting the 127.50 and 128.50 levels as support and resistance during this week. However, it appears that both levels can be shortly pierced. Due to that reason, the actual low and high levels of the week have been used to mark support and resistance zones. Support is located at 127.31/127.37 and resistance is located at 128.73/128.80.

In the meantime, the currency exchange rate has been finding support and resistance in the 50-hour simple moving average and the 128.00 mark. During the middle of Thursday's European trading hours, the currency exchange rate was finding support in the 128.00 mark, as the 50-hour SMA was being pierced.

A passing below the 128.00 mark could find some support in the weekly S1 simple pivot point at 127.80, before approaching the 127.31/127.37 zone. Below the mentioned levels, the 127.00 mark might act as support.

On the other hand, a recovery from the 128.00 mark and the 50-hour simple moving average might quickly reach the 128.73/128.80 resistance zone. Above the resistance zone, note the upper trend line of the late February channel down pattern.
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