EUR/JPY surge reaches 129.50

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Source: Dukascopy Bank SA


The EUR/JPY currency pair hit the 129.50 mark on Tuesday morning. The round exchange rate level provided enough resistance for a retracement down below 128.30 to occur.

In the near term future, the pair might find support in the weekly R1 simple pivot point at 129.09 and the 129.00 mark. Below these levels, the combination of the 50 and 200-hour simple moving averages near 128.90 might act as support. Further below, note the weekly simple pivot point at 128.67.

On the other hand, a recovery of the Euro against the Japanese Yen would have to pass the 129.50 mark, before reaching the weekly R2 simple pivot point at 129.67.
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