EUR/JPY analysis: Touches low level zone
|EUR/JPY
On Wednesday morning, the EUR/JPY currency exchange rate touched the support zone at 129.40/129.50. The rate found enough support to retrace back up to the resistance of the 50-hour simple moving average near the 130.00 mark.
In the case that the rate would be pushed down by the 50-hour simple moving average, it could once again test the support zone at 129.40/129.50. Below the zone, the closest support was the weekly S3 simple pivot point at 128.71.
On the other hand, a breaking of the resistance of the 50-hour simple moving average might result in the pair testing the previous support zone at 130.23/130.30. A move above this zone could reach the technical resistance levels near 130.65.
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.