EUR/JPY retreats below support zone

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


On Tuesday, the EUR/JPY made a failed attempt at passing the resistance of the 137.50 mark. As the round exchange rate level held, the rate started a decline. On Wednesday morning, the pair shortly traded below the support zone at 135.20/135.30 and the 135.00 level, before recovering to trade above the zone.

If the Euro recovers against the Japanese Yen, the rate might encounter resistance in the 136.00 level and the 50-hour simple moving average, before approaching the 136.50, 137.00 and 137.50 levels. The round exchange rate levels are expected to act as resistance.

On the other hand, a decline of the pair would have to pass below the 135.20/135.30 zone, before approaching the 135.00 level. Further below, take into account the 134.75 level, which acted as support and resistance during the previous week.
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