EUR/JPY plummets on Thursday

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


On Thursday morning the Euro plummeted due to an European stock sell off. The stock sell off was attributed to the Swiss National Bank hiking the CHF interest rate and revealing information about the situation of the European economy as a whole. Namely, a spillover occurred. On the EUR/JPY charts the event resulted in a decline below the 138.00 mark.

If the pair clearly passes below the 138.00 mark, support might be found in the combination of the 137.50 level and the weekly S2 simple pivot point at 137.39. Further below, there is no technical support as low as the 134.94 level, where the weekly S3 simple pivot point is located at.

On the other hand, a recovery of the Euro against the Japanese Yen might encounter resistance in the 139.00 mark and the weekly S1 simple pivot point at 139.35.
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