EUR/JPY once again approaches 134.00

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


The consolidating decline of the EUR/JPY currency exchange rate ended at the 132.35 level. It was spotted on Thursday that this level has acted both as resistance and support. Due to that reason, it is being marked on the chart. The support level was enough to cause a recovery of the Euro against the Japanese Yen. By the middle of Thursday's GMT trading hours, the pair was once again approaching the 134.00 mark.

If the pair manages to reach above the 134.00 mark, resistance might be encountered int the weekly R2 simple pivot point at 134.43, before the pair approaches the 134.50 mark. Higher above, there is no technical resistance as high as the weekly R3 simple pivot point at 136.93. However, take into account that round exchange rate levels are highly likely going to slow down a potential surge.

On the other hand, a decline of the currency rate might look for support in the 50-hour simple moving average near 133.50 and the 133.50 level on its own. Further below, take into account the 133.00 mark and the weekly R1 simple pivot point at 133.07. Below the 133.00 level, note the already mentioned 132.35 level.
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