EUR/JPY
The resistance of the 131.40 mark was held on Wednesday, and the EUR/JPY currency exchange rate declined to the support zone at 130.63/130.90. On Thursday morning, the rate was located in the zone and below the resistance of the 50-hour simple moving average at 130.85.
A decline below the support zone would most likely result in the pair looking for support in the weekly S1 simple pivot point at 130.48. If the rate passes the support of the pivot point, the rate could look for support in the 130.00 mark before reaching the weekly S2 at 129.79.
On the other hand, a surge of the pair should first pass the resistance of the 50-hour simple moving average. Above the simple pivot point, the rate would most likely encounter resistance in the 131.40 mark before reaching the resistance zone at 131.48/131.61. Note that the resistance zone is strengthened by the weekly simple pivot point and the 200-hour simple moving average.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold reaches to all-time highs near $2,230, US PCE eyed
Gold price appreciates to all-time highs near $2,230 per troy ounce, attempting to continue its winning streak for the fifth successive session on Friday. However, trading volumes are light as market participants are likely observing Good Friday.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.