EUR/JPY analysis: Touches low level zone

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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.