EUR/JPY reveals support zone near 137.00

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Source: Dukascopy Bank SA


This week, the EUR/JPY currency exchange rate managed to shortly reach above the 138.00 mark. However, the event was followed by a decline. Since the middle of Monday's trading hours, the rate has been finding support in a support zone at 137.05/137.12.

If the pair declines below the 137.05/137.12 zone, the rate could look for support in the weekly S1 simple pivot point at 136.72, before reaching the 136.50/136.60 zone.

On the other hand, a surge is expected to encounter resistance in the 138.00 mark and the weekly R1 simple pivot point at 138.35. Meanwhile, note that the pair has been ignoring the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 137.44.
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