EUR/JPY reaches above high level zone

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


This week, the President of the European Central Bank Christine Lagarde revealed that the ECB is set to hike interest rates in July and that by September the Euro base rate would be out of the negative zone. This caused a surge of the EUR/JPY pair above the mid-May high level zone at 136.50/136.75. However, after the move upwards, on Tuesday morning, the pair retraced to the support of the 136.00 mark.

If the rate declines below the 136.00 level, the rate might look for support in the 50-hour simple moving average at 135.75, the 135.50 mark and the 100-hour SMA near 135.35. Further below, note the weekly simple pivot point and the 200-hour SMA near 135.10.

On the other hand, a surge of the Euro against the Japanese Yen could encounter resistance in the 137.00, 137.50 and 138.00 levels.
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