EUR/JPY breaks resistance zone

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Source: Dukascopy Bank SA


On Tuesday morning, the EUR/JPY currency exchange rate passed above the resistance zone at 125.50/125.70. In addition, the 50-hour simple moving average failed to strengthen the zone.

If the pair continues to surge, it could encounter resistance in the 126.00 mark, 126.50 level and the weekly simple pivot point at 126.54 and the 127.00 mark. Namely, resistance is located each 50 base points.

However, a potential decline of the currency exchange rate might look for support in the 125.50/125.70 zone and the 50-hour simple moving average, which previously acted as resistance. Further below, note the 124.41/124.55 March low level zone.
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