Sat, Jun 10, 2023 @ 05:34 GMT
HomeContributorsTechnical AnalysisEUR/JPY Finds Resistance At 128.20

EUR/JPY Finds Resistance At 128.20

On Thursday, the EUR/JPY currency exchange rate found resistance in the 128.20 level. The 128.20 mark’s resistance was tested two times, before a decline of the pair began. On Friday morning, the rate was being pushed down by the 50-hour simple moving average.

If the pair continues to decline, it would most likely once again look for support in the 127.50 mark and the weekly S1 simple pivot point at 127.53 This week, the rate found support in these levels two times. Below these levels, there is no technical support as low as the weekly S2 simple pivot point at 126.76. However, take into account that the 127.00 mark might act as support.

Meanwhile, a passing of the resistance of the 50-hour simple moving average and the 128.20 mark, could result in the rate reaching the resistance of the weekly simple pivot point and the 200-hour simple moving average at 128.56.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
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.

Featured Analysis

Learn Forex Trading