EUR/JPY finds support in moving average

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Source: Dukascopy Bank SA


The decline of the EUR/JPY currency exchange rate found support in the 100-hour simple moving average near 135.55. By the middle of Wednesday's trading hours, the pair had reached the 136.75 level.

A continuation of the surge of the Euro against the Japanese Yen might encounter resistance in the March high levels at 136.84, 137.31 and 137.54. In addition, note the 137.00 and 137.50 mark and the weekly R3 simple pivot point at 137.18.

However, a decline is expected to find support in the combination of the weekly R2 simple pivot point at 136.43 and the 50-hour simple moving average near 136.30. Further below, take into account the 136.00 level and the weekly R1 simple pivot point at 135.79 and the 100-hour simple moving average.
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