EUR/JPY bounces off 137.00 level

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


The latest surge of the EUR/JPY currency pair encountered resistance in the 137.00 mark. Despite shortly being pierced, the pair started a decline, which retraced down to the 136.20 level. This level acted as support and by mid-Tuesday the rate had recovered to trade around the 136.50 mark.

If the pair declines, it would first look for support in the 136.20 level, before approaching the 136.00 mark and the 50-hour simple moving average near it. Further below, note the weekly R1 simple pivot point at 135.79.

On the other hand, a resumption of the decline of the Japanese Yen would result in a possible test of the resistance of the one of the March high levels at 136.84. Afterwards, the 137.00 mark might once again act as resistance.
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