EUR/JPY reaches above 132.00

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Source: Dukascopy Bank SA


On Thursday, the EUR/JPY started a sharp surge, which was caused by the European Central Bank. Namely, comments made by the President of the European Central Bank Christine Lagarde were the catalyst of the rate reaching the 132.00 mark.

This week, the rate had retraced down to the 50-hour simple moving average near 131.50. In addition, it was spotted that the currency pair was respecting the January 4 and 5 high levels at 131.46 and 131.60.

In the case that the pair passes below the 50-hour simple moving average and the 131.50 mark, the rate could look for support in the 131.00 mark, before reaching the weekly simple pivot point at 130.82. Further below, take into account the 130.50 and 130.00 levels.

Meanwhile, a potential surge of the Euro against the Japanese Yen might find resistance in the 132.00, 132.50 and 133.00 levels.
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