The EUR/JPY currency exchange rate has been trading above the support of the 128.00 level since Monday’s trading hours. Meanwhile, resistance was being provided by the weekly simple pivot point at 128.33 and the 50-hour simple moving average near 128.20.
If the pair declines below the 128.00 mark, it could look for support in the Friday low level at at 127.83. Further below, note a strong support zone at 127.40/127.66.
On the other hand, a surge of the rate would have to pass the resistance of the 50-hour SMA at 128.20, the weekly simple pivot point at 128.33 and the high levels near 128.45, before aiming at the 129.00 mark.
