EUR/JPY reaches support at 130.40

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


The EUR/JPY currency exchange rate approached the January 4 high level on Thursday. However, the rate did not even attempt a proper test of the resistance of the high level, before starting a decline. The following decline passed the 131.00 mark and the technical levels around it.

By the start of Friday's European trading, the currency pair had reached the weekly S1 simple pivot point at 130.40. Meanwhile, it was spotted that the 130.60 mark was acting as resistance to the currency exchange rate.

A passing of the weekly S1 simple pivot point and the 130.40 level would most likely result in a decline to the January 10 low level at 130.20. Below the 130.20 level, there is a support and resistance zone located at 130.02/130.12.

On the other hand, a recovery of the Euro against the Japanese Yen would have to pass the 130.60 mark to move higher. Higher above, the currency pair might find resistance at the 131.00 mark. At that level, the 50 and 200-hour simple moving averages and the weekly simple pivot point are located.
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