EUR/JPY aims at 142.00

Source: Dukascopy Bank SA


During the first part of Wednesday's European trading hours, the EUR/JPY broke the resistance of the weekly R2 simple pivot point at 141.73 and almost reached the 142.00 mark. However, prior to properly touching the round exchange rate level, the pair bounced off the 141.94 level and declined below 141.50.

If the Euro resumes its recovery against the Japanese Yen, the currency pair would have to pass the resistance of the 142.00 level, prior to testing the upper trend line of the channel up pattern, which has guided the recent recovery. Higher above, note that the 142.50 and 143.00 levels could act as resistance.

On the other hand, a decline of the EUR/JPY is expected to look for support initially in the 141.00 level. Further below, the combination of the weekly R1 simple pivot point and the 50-hour simple moving average near 140.70, before reaching the 140.50 level and the lower trend line of the mentioned channel pattern.
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