EUR/JPY reaches above 133.00 before declining

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Source: Dukascopy Bank SA


On Thursday, the EUR/JPY currency exchange rate reached above the 133.00 mark. However, the surge appears to have been stopped by the weekly R1 simple moving average at 133.19. The event was followed up by a decline. On Friday morning, the pair had returned to the 132.00 level, which acted as support.

If the 132.00 mark provides enough support for a recovery, the EUR/JPY pair might return to the 133.00 mark and once again test the resistance of the weekly R1 simple pivot point at 133.19. Take into account that next week the pivot points will move. It is highly likely that the pair would then face no technical resistance above 133.00.

However, a decline below 132.00 could look for support in the January 5 and 4 low levels at 131.60 and 131.47. Further below, the February low level and the 200-hour simple moving average might stop a decline at 131.25.
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