EUR/JPY surge encounters resistance

Source: Dukascopy Bank SA


Since the last review, the EUR/JPY rate has dipped and found support in the 138.10/138.15 range. Afterwards, a surge followed, which on Thursday was testing the resistance of the 141.00 mark, the 200-hour simple moving average and the weekly simple pivot point at 140.58.

A potential surge of the Euro against the Japanese Yen above the 141.00 level could be slowed down by the 141.50 and 142.00 levels. Higher above, note the 142.50 level, the weekly R1 simple pivot point and the mid-September low level zone at 142.35/142.65.

Meanwhile, a decline of the currency exchange rate is expected to look for support in the Wednesday's high at 140.50, the 139.50 level and the 50-hour simple moving average. Further below, the 138.10/138.15, range might once again act as support.
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