EUR/JPY reveals support zone

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


The EUR/JPY retraced downwards on Monday, in the aftermath of the Bank of Japan bond purchase announcement. Eventually the retracement ended, as support was found at 135.20/135.30. By the middle of Tuesday's trading, the support zone had been tested twice. Meanwhile, the 136.50 mark had acted as resistance.

If the currency exchange rate declines, it is expected to look for support in the 135.20/135.30 zone and the 50-hour simple moving average, before approaching the 135.00 mark. Further below, take into account the 135.00 mark.

On the other hand, a surge of the rate would have to pass the 136.50 mark, before approaching the weekly R2 simple pivot point at 136.83 and the 137.00 level.
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