EUR/JPY recovers from 130.00

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Source: Dukascopy Bank SA


On Monday, the EUR/JPY currency exchange rate found support in a zone above the 130.00 mark. Namely, the support of the 130.00 level was not even properly tested. On Tuesday morning, the currency pair had recovered and reached above the 131.00 level. In the near term future, the pair was expected to test the resistance zone at 131.25/131.40.

If the currency pair reaches above the 131.25/131.40 zone, it could find resistance in the combination of the weekly simple pivot point at 131.54 and the 200-hour simple moving average. Higher above, the rate might be stopped by the 132.00 and 132.50 levels, before reaching the weekly R1 simple pivot point at 132.69.

On the other hand, a decline of the Euro against the Japanese Yen might look for support in the 130.50 mark, which had acted as support prior to the rate reaching below it on Monday. Below the 130.50 level, the 130.05/130.12 zone could stop another decline.
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