EUR/JPY recovers on Wednesday

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


Despite piercing the support zone of the last week's low levels, the EUR/JPY recovered to the resistance of the 50-hour simple moving average near 132.00 . The 50-hour SMA kept the rate down since the middle of Tuesday up to Wednesday's US open at 13:30 GMT.

At the start of Wednesday's US trading hours, the EUR/JPY surged past the 50-hour simple moving average at 132.00 and the weekly simple pivot point at 132.09 and reached the 200-hour SMA at 132.15.

In the case of the pair breaking the resistance of the 200-hour SMA at 132.15, the EUR/JPY might reach for the resistance of the weekly R1 simple pivot point at 132.62. However, take into account that a surge was stopped by the 132.40 mark, on Monday.

On the other hand a decline of the EUR/JPY would highly likely look for support in the 55-hour SMA at 132.00 before reaching the support zone of the low levels at 131.50/131.60. Note that the support zone has been adjusted to include the Tuesday's low level.
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