EUR/JPY jumps on Tuesday

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


It was spotted on Tuesday morning that the EUR/JPY currency exchange rate was trading in an ascending triangle pattern. Namely, the pair was finding resistance in the 131.85/132.00 zone and support was found in an ascending trend line.

By the start of the day's European trading hours, the pattern was broken and the rate sharply surged. Prior to 10:00 GMT, the rate was heading to the 133.00 mark and the weekly R1 simple pivot point at 133.07.

If the pair reaches above the 133.00 mark and the weekly R1 simple pivot point at 133.07. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 134.43.

On the other hand, a decline of the Euro against the Japanese Yen might look for support in the 131.85/132.00 zone, before approaching the 50-hour simple moving average near 131.75. In addition, note the supporting trend line below 132.00.
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