The decline of the EUR/JPY passed the support zone that is located at 131.48/131.62. The rate continued to decline until it reached the 131.02 level. Due to that reason it is assumed that the 131.00 mark might act as resistance.
Meanwhile, on Friday morning, the currency exchange rate was testing the resistance of the previously passed 131.48/131.62 zone. The near term future was dependent on whether or not the zone forces the pair into another decline.
In the case that the currency pair passes the 131.48/131.62 zone, it could find resistance in the 50-hour SMA near 131.80. Above the 50-hour SMA, the 200-hour SMA and the weekly simple pivot point might act as resistance levels near 132.05.
On the other hand, a potential decline of the EUR/JPY might look for support in the weekly S1 simple pivot point at 131.26. Afterwards, the 131.00 mark might once again provide support. Below the 131.00 level, note the mid-October low level zone at 130.90/130.75. In addittion, the weekly S2 simple pivot point is located at 130.73.
