EUR/JPY breaks pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The EUR/JPY currency exchange rate passed the support of the channel up pattern, which had guided the rate since December 19. On Monday morning, the rate bounced off the resistance of the 131.40 level and declined to the 131.00 mark. At the 131.00 mark, the rate was finding support in the 50-hour simple moving average and the weekly simple pivot point.

A passing below the 131.00 mark could result in the pair looking for support in the 200-hour simple moving average near 130.75. Further below, the weekly S1 simple pivot point was located at 130.40.

On the other hand, a surge of the rate might aim at the 131.40 mark, before reaching the 131.60 level, which acted as resistance on January 5.
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