EUR/JPY drops due to run to safety

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Friday, the US government and western media announced that Russia could soon invade Ukraine. The event resulted in a run to safety, which boosted the value of the Japanese Yen. On the EUR/JPY charts it resulted in a decline below 130.50. On Monday morning, the pair had retreated even further and was expected to reach 130.00.

If the pair finds support in the 130.00 mark, the currency exchange rate could aim at the resistance of the 200-hour simple moving average near 131.40, the January 4 and 5 high levels at 131.47 and 131.60 and the weekly simple pivot point at 131.60. Higher above, note the 50-hour simple moving average near 131.90.

On the other hand, a decline of the pair below 130.00 might immediately find support in the weekly S1 simple pivot point at 129.92. A move below the pivot point might find support in the 129.50 and 129.00 levels.
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