EUR/JPY analysis: Reaches support at 130.40
|EUR/JPY
The EUR/JPY currency exchange rate approached the January 4 high level on Thursday. However, the rate did not even attempt a proper test of the resistance of the high level, before starting a decline. The following decline passed the 131.00 mark and the technical levels around it.
By the start of Friday's European trading, the currency pair had reached the weekly S1 simple pivot point at 130.40. Meanwhile, it was spotted that the 130.60 mark was acting as resistance to the currency exchange rate.
A passing of the weekly S1 simple pivot point and the 130.40 level would most likely result in a decline to the January 10 low level at 130.20. Below the 130.20 level, there is a support and resistance zone located at 130.02/130.12.
On the other hand, a recovery of the Euro against the Japanese Yen would have to pass the 130.60 mark to move higher. Higher above, the currency pair might find resistance at the 131.00 mark. At that level, the 50 and 200-hour simple moving averages and the weekly simple pivot point are located.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.