EUR/JPY pierces resistance zone

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Source: Dukascopy Bank SA


During the first half of Friday's trading, the EUR/JPY currency exchange rate declined and found support in the 200-hour simple moving average, before suddenly surging to the resistance of the 138.00 mark and shortly reaching above it.

If the Euro extends its gains against the Japanese Yen, the currency pair might encounter resistance in the 138.50 and 139.00 levels. Higher above, take into account the weekly R1 simple pivot point at 139.13.

However, a potential decline of the pair is expected to look for support first in the 137.50 level, which acted as resistance since late Wednesday. Below the 137.50 level, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point surround the 137.00 level. These technical levels could act as support and cause another surge.
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