EUR/JPY retreats to 130.50

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Source: Dukascopy Bank SA


During the early hours of Thursday's trading, the EUR/JPY currency exchange rate experienced a sharp drop, which shortly reached below the 130.50 mark. Afterwards, a recovery reached the 50-hour simple moving average near 131.30. By the start of the day's European trading hours, the pair had bounced off the moving average and once again reached the 130.50 mark, which was pierced.

If the Euro declines against the Japanese Yen below the 130.50 mark, the pair could reach for the support of the weekly S1 simple pivot point at 130.12 and the February 14 low level at 130.04. In addition, note that the 130.00 mark is expected to act as support. Below these levels, there is no technical support as low as the weekly S2 simple pivot point at 128.87.

On the other hand, a potential surge would have to pass the 50-hour simple moving average, before reaching the 200-hour simple moving average near 131.60 and the weekly simple pivot point at 131.64.
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