EUR/JPY finds support and recovers to 135.50

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Source: Dukascopy Bank SA


During early Tuesday's trading hours, the EUR/JPY currency exchange rate found support in the 134.30 mark. Afterwards, a surge occurred and found resistance in the 135.15/135.30 zone. However, on Wednesday, at 12:00 GMT, the zone was passed, as the rate approached the 135.50 mark and the trend line, which connects the last week's high levels.

If the rate reaches above the 135.50 mark, the pair might encounter resistance in the weekly simple pivot point at 135.69 and the Monday's high level zone at 135.75/135.90. Higher above, take into account the 136.00, 136.50 and 137.00 levels.

On the other hand, a potential decline would have to pass below the 200-hour simple moving average and the 135.15/135.30 zone, before looking for support in the 50-hour simple moving average and the 134.75 level.
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