EUR/JPY encounters resistance in pivot point

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


The Wednesday's surge of the EUR/JPY currency exchange rate eventually encountered resistance. The resistance was provided by the weekly R2 simple pivot point at 136.83. Previously, the pivot point did not impact the rate. During the early Thursday's trading hours, the pair declined and approached the support zone at 135.20/135.30.

If the currency exchange rate declines below the 135.20/135.30 zone, the 135.00 mark might immediately provide support, as it did on Wednesday morning. However, a move below 135.00 could look for support in the 134.75 and 134.50 levels, before approaching the 200-hour simple moving average near 134.25.

On the other hand, a recovery of the Euro against the Japanese Yen would face minor resistance at 136.00 and 136.50, prior to reaching the weekly R2 simple pivot point at 136.83 and the March high levels at 137.30/137.55.
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