EUR/JPY remains in pattern

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


Since the middle of Thursday's trading hours, the EUR/JPY currency exchange rate has been slowly ascending, as it was being pushed up by the channel up pattern's lower trend line. The pattern has guided the rate since December 19. At mid-day on Friday, the pair was piercing the 131.00 mark and the 50-hour simple moving average.

If the Euro continues to gain against the Japanese Yen, the currency exchange rate might reach for the resistance of the weekly R1 simple pivot point and the 131.60 mark. Above these levels, the 132.00 mark and the weekly R2 simple pivot point at 132.12 might act as resistance.

On the other hand, a decline of the pair would have to break the channel up pattern, before reaching the 200-hour simple moving average near 130.60. Further below, the weekly simple pivot point might provide support at 130.45.
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