EUR/JPY recovers on Wednesday

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


First of all, note that the previously drawn support zone near 130.80 was pierced. In-depth analysis and the recent recovery of the EUR/JPY currency pair revealed that the zone's bottom border is actually located at the October 11 low level at 130.63. The zone has been adjusted on the charts.

On Wednesday, the rate recovered, as by 14:00 GMT, the EUR/JPY reached the 131.40 mark. Note that on Monday, the 131.40 mark and the 50-hour SMA pushed the rate down. Future forecasts were based upon whether or not the 131.40 mark holds and causes another decline.

If the resistance of the 131.40 fails, the rate would immediately face the 131.48/131.61 zone, which is strengthened by the weekly simple pivot point and the 200-hour simple moving average. Above this zone, the weekly R1 simple pivot point at 132.20 could act as resistance.

On the other hand, a decline from the 131.40 mark could look for support in the 50-hour simple moving average at 130.90 and the 130.63/130.90 zone. Below the zone, the weekly S1 simple pivot point at 130.48 might provide support.
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