EURJPY Analysis: Resistance is spotted

Dukascopy Bank Team Dukascopy Bank SA

The Euro has booked a new high level against the Japanese Yen. This event was expected.

However, Dukascopy Analysts initially expected the rate to reach for the 133.17 mark before retreating. Instead the pair has revealed a resistance line, which can be seen by connecting the recent high levels.

Meanwhile, the pair is still expected to reach the weekly R1 at the 133.17 level. The reason for that is that the pair will still be pushed higher by the 55 and 100-hour simple moving averages.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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