EUR/JPY finds support in 200-hour SMA

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Source: Dukascopy Bank SA


The decline from the 129.50 mark eventually found support in the 200-hour simple moving average near 128.90. The SMA provided enough support for the currency pair to start a recovery. During the early hours of Wednesday's trading, the rate had reached the 129.40 mark.

In the near term future, the currency exchange rate could be pushed up by the 50-hour simple moving average, which was approaching the rate from below near the 129.20 level. A potential move higher would test the resistance of the 129.40 and 129.50 levels, before the EUR/JPY reaches the weekly R2 simple pivot point at 129.67.

On the other hand, a potential decline below the 50-hour simple moving average and the 129.20 mark would most likely find some support in the weekly R1 simple pivot point at 129.09. Further below, the 200-hour simple moving average might once again stop a decline near 128.90.
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