EUR/JPY passes resistance zone

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Source: Dukascopy Bank SA


On Tuesday morning, the EUR/JPY currency exchange rate broke the resistance of the 128.20/128.30 zone, which had previously kept the rate down on Thursday and Friday. During the day's early European trading hours, the rate had encountered resistance in the weekly R1 simple pivot point at 128.43 and the 128.50 mark. The event was followed by a decline below the 128.20 level.

If the pair continues to decline, it might look first for support in the 128.00 mark. Below the 128.00 level, the weekly simple pivot point and the 50-hour simple moving average could stop a decline at 127.90.

On the other hand, a resumption of the surge of the Euro against the Japanese Yen would need to once again pass the resistance of the 128.20/128.30 zone and the 200-hour simple moving average in the zone. Higher above, the rate would once again encounter resistance in the weekly R1 simple pivot point and 128.50 mark.
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