EUR/JPY breaks patterns

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Source: Dukascopy Bank SA


On Monday morning, the EUR/JPY surged and broke the resistance of the junior and dominant channel down patterns. The following surge was stopped by the weekly R1 simple pivot point at 129.09.

In the case that the rate declines, it could look for support in the combination of the weekly simple pivot point and the 50-hour simple moving average at 129.67. A move below these levels, might stop at the 128.40 mark, which acted as support during the last week.

On the other hand, a potential surge above the weekly R1 at 129.09 might aim at the weekly R2 simple pivot point at 129.67. However, note that last week the 129.20 level had acted as resistance.
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