The EUR / JPY currency pair which is also a favorite of many investors is also given attention for weekend trading opportunities.
Interesting movements displayed the price when the 127,000 level became resistance throughout the week after being tested several times but still failed to break.
Prices are still hovering below the price zone and the Moving Average 50 (MA50) support level over the 1 hour time frame is also observed for further direction of price movement.
On Wednesday and Thursday trading, the bearish trend was seen to support the 126,700 level and in today's European session the price returned to test the 127,000 resistance.
The depreciation of the US dollar in the market saw the value of the Euro rise with European economic data also in focus.
German wholesale price index data published at the beginning of the European session just now recorded good numbers, providing support for Euro trading.
Next, the European economic projection report published at 6 pm Malaysian time will be evaluated for economic forecast indicators for the next 2 years.
The price increase on the EUR / JPY chart is seen heading to the resistance zone at 127,500 after the resistance at 127.00 was successfully broken.
However, if the price falls lower, the price support level is seen at 126,100 which is the RBS zone (resistance become support).
The next lower decline will lead to the support zone around 125,000 if the price continues to move in a bearish trend.
