EUR/JPY stages recovery

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Source: Dukascopy Bank SA


The Euro found enough support in the Japanese Yen in the 133.50 level to start a recovery. By the start of Wednesday's US trading hours, the rate had reached above the 136.00 mark.

A continuation of the currency pair's surge might encounter resistance in the combination of the 137.00 mark, the weekly simple pivot point at 137.28 and the 200-hour simple moving average. However, the 136.50 level could slow down the Euro's recovery against the Japanese Yen.

On the other hand, a decline of the rate is expected to look for support in the 136.00, 135.50 and 135.00 levels. In addition, on Wednesday, the 135.00 level was being strengthened by the 50-hour simple moving average.
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