EUR/JPY finds resistance in 50-hour SMA

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Source: Dukascopy Bank SA


On Friday, the EUR/JPY currency exchange rate found support in the 130.75/130.90 zone. The following recovery continued into Monday until the rate encountered the resistance of the 50-hour simple moving average. Up to the middle of the day's European trading hours, the SMA was pushing the rate down.

If the simple moving average continues to push the pair down, it could once again look for support in the 130.75/130.90 zone. Below the zone, the weekly S1 simple pivot point might provide support at 130.48.

Meanwhile, a breaking of the resistance of the 50-hour SMA might result in a test of the 131.50/131.60 zone. In addition, note that the weekly simple pivot point was located at 131.52. Above the zone, the 200-hour SMA might act as a resistance level near 131.90.
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