EUR/JPY bounces off new pivot point

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


Since Friday morning, the EUR/JPY currency pair traded sideways between the support at 135.15/135.30 and resistance at 135.75/135.90. On Monday morning, the rate encountered additional resistance in the form of the weekly simple pivot point at 135.69. After the encounter, the rate declined and shortly pierced the support zone at 135.15/135.30 at 08:00 GMT.

If the rate declines, the rate might immediately look for support in the 135.00 mark and the 200-hour simple moving average . Further below note the minor support of the 134.75 mark, before the rate reaches the 134.50 level.

On the other hand, a recovery of the Euro against the Japanese yen could encounter resistance at the weekly simple pivot point at 135.08. Higher above, the 135.75/135.90 zone is set to act as resistance, prior to the 136.00 level.
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