EUR/JPY breaks pattern

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


The channel down pattern has failed to push the EUR/JPY down, as the rate has passed above the pattern's resistance line. Meanwhile, it appeared that the 139.00 mark and the 50-hour simple moving average continued to act as resistance. Support was being provided by the 138.50 level.

If the Euro resumes its decline against the Japanese Yen, the pair might look for support in the 138.15 level, which acted as support on Tuesday. Further below, note the 138.00 mark and the weekly S1 simple pivot point at 137.80.

On the other hand, a recovery of the currency exchange rate would have to pass the 139.00 mark and the 50-hour simple moving average. Higher above, note the 139.50 mark and the cluster of resistance at 140.00. The 140.00 level's resistance is being strengthened by the 200-hour simple moving average and the weekly simple pivot point.
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