EUR/JPY bounces off resistance

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


During the first half of September, the EUR/JPY ate declined and found support. However, support was not found in the 153.20/154.65 range, but higher above. The pair rebounded from the 155.25/155.50 range. After the event, the pair returned to and tested the 163.70/165.50 zone, which held and caused a retracement back down.

An extension of the ongoing decline is set to look for support in the mentioned support ranges at 153.20/154.65 and 155.25/155.50. If these levels fail, the currency pair is expected to find support at either 152.00 or 150.00

In the case of a potential Euro recovery against the Japanese Yen, the currency rte would have to clearly break the 160.00 level and the 50-day simple moving average, before approaching the 163.70/165.50 zone and the 200-day simple moving average. Higher above, note the 168.00 and 170.00 levels.
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Tue, 01 Oct 2024 13:44:57 GMT

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