EUR/JPY decline reaches 124.50 level

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Source: Dukascopy Bank SA


The EUR/JPY currency exchange rate started the week with a decline to the 124.50 mark, which acted as support. Meanwhile, it was spotted that the Euro's attempts at recovery against the Japanese Yen on Friday encountered resistance in the 125.50 level.

If the currency exchange rate declines, it would have to pass below the support of the 124.50 mark. Further below support might be found in the 124.00 and 123.50 levels, before the pair reaches the weekly S1 simple pivot point at 123.27.

However, a potential recovery of the currency pair is set to face the resistance of the 125.50 level. Above the resistance level, take into account the 126.00 mark and the 126.50 level, which is strengthened by the weekly simple pivot point and the 50-hour simple moving average.
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