EUR/JPY reveals pattern

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


At mid-day on Tuesday, it was spotted that the EUR/JPY currency pair has been declining in a channel down pattern. In the meantime, the pair booked a new low level, as it passed below 139.00 and aimed at 138.50.

A continuation of the decline of the Euro against the Japanese Yen could look for support in the 138.50 and 138.00 levels, before approaching the weekly S1 simple pivot point at 137.80. Further below, note the 137.50 and 137.00 levels and the lower trend line of the channel down pattern.

On the other hand, a recovery of the pair is expected to encounter resistance in the 139.00 level. Afterwards, the upper trend line of the channel and the 50-hour simple moving average might stop a surge.
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