EUR/JPY passes technical support levels

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Source: Dukascopy Bank SA


The EUR/JPY currency exchange rate passed below the support of the 127.00 mark, the weekly S2 simple pivot point and the lower trend line of the channel down pattern near 126.30. Namely, the rate has plummeted a lot more than forecast in Thursday's bearish scenario. By declining below the trend line, the pair had no technical support as low as 124.80.

If the Euro continues to decline against the Japanese Yen, the currency pair might look for support in the 126.00, 125.50 and 125.00 levels, before the rate reaches the weekly S3 simple pivot point at 124.80.

On the other hand, a surge by the Euro could find resistance in the weekly S2 simple pivot point at 126.36. Further above, the currency pair might find resistance in the 127.00 mark and the 127.31/127.37 zone.
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