EUR/JPY continues in pattern

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


The EUR/JPY currency exchange rate has continued to trade in the channel down pattern, which was discovered on January 25. At the start of Thursday's US trading session, the rate was located at the upper trend line of the channel. Meanwhile, it was spotted that the 50-hour simple moving average has been acting both as resistance and support.

In the case that the currency pair declines, it could find support in the 50-hour simple moving average near 128.75. Below the SMA, the 128.50 level might act as support. Further below, the lower trend line of the channel down pattern might stop a decline.

On the other hand, the currency pair could break the junior pattern and approach the resistance of the larger scale channel down pattern near 129.30. Higher above, the 200-hour simple moving average, the 129.50 mark and the weekly simple pivot point might provide resistance.
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