EUR/JPY breaks resistance zone

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Source: Dukascopy Bank SA


On Thursday morning, the EUR/JPY currency exchange rate broke the resistance zone at 132.00/132.25. The zone kept the rate down since February 4. Note that the breaking of the pattern occurred in a sharp move upwards, during which the pair passed the 132.50 mark.

If the rate continues to surge, it would most likely aim at the 133.00 mark and the weekly R1 simple pivot point at 133.19. Above these levels, there is no technical resistance as high as the weekly R2 simple pivot point at 134.46. Up to that level, resistance could be provided by the 133.50 and 134.00 levels.

On the other hand, a consolidation of gains by declining might look for support in the 132.00/132.25 zone and the 50-hour simple moving average, which was approaching the zone.
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Thu, 10 Feb 2022 10:02:47 GMT

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