EUR/JPY remains above 127.50

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Source: Dukascopy Bank SA


Despite shortly fluctuating below the 127.50 level on Friday, on Monday, the EUR/JPY currency exchange rate had recovered and reached the 128.00 mark. Meanwhile, the rate appeared to be ignoring the 50-hour simple moving average and the weekly simple pivot point.

In the case that the rate continues to recover and reached above the 128.00 mark it would face the resistance of the previous week's high level zone at 128.20/128.35. In addition, note the 200-hour simple moving average near 128.30.

On the other hand, a potential decline of the rate might look for support in the 127.50 level and the previous low level zone that surrounds it.
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