EUR/JPY returns to pattern's support

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


The EUR/JPY currency rate's s surge on Friday ended at the 131.60 mark, which acted as resistance and caused a decline. The following decline ended on Thursday morning, as the pair found support in the lower trend line of the channel up pattern that captures the rate's surge since December 19. By the middle of the day's trading, the rate had been highly volatile above the trend line.

In the case of a surge of the currency exchange rate, the EUR/JPY might aim at the 131.60 mark and test its resistance once again. That is assumed due to the fact that the 50-hour simple moving average near 113.10 had been pierced two times during Thursday's trading. In addition, the weekly R1 simple pivot point did not act as resistance at 131.52.

On the other hand, a decline of the Euro against the Japanese Yen would have to pass the lower trend line of the channel up pattern near 113.80. Below the trend line, the 113.50 mark could act as support together with the 200-hour simple moving average and the weekly simple pivot point at 130.45.
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