EUR/JPY jumps from 130.43

In the second half of Friday the common European currency has entered into an 80-pips downfall against the Japanese Yen. Fortunately, the drop was stopped by the lower trend-line of a medium-term ascending channel. In result of the subsequent recovery, the currency pair left a short-term descending channel and broke through a combination of the 55- and 100-hour SMAs. Most likely, the Euro will continue to try to reach the 131.00 level, using the above support as a springboard. On the other hand, the 30-pips jump in the early morning suggests that there is a chance that the pair will, in contrast, slip to the updated weekly PP at 130.43, which is now additionally backed up by the 200-hour SMA. Nevertheless, the fall below this level is unlikely.