On Friday, the EUR/JPY found support in the 130.20/130.30 range. The following recovery lasted into Monday’s Asian trading hours, as the pair retraced up to the resistance of the 50-hour simple moving average. By the middle of the day, the SMA appeared to have stopped the pair’s recovery.
In the case that the rate declines, it would first look for support at 130.20/130.30. Afterwards, the pair could look for support in the 130.00 mark, before reaching the weekly S1 simple pivot point at 129.90.
However, a potential surge of the pair could find resistance in the 50-hour simple moving average near 130.50. Above the 130.50 mark, a resistance zone is located from 130.60 up to 130.90. In addition, the weekly simple pivot point was located at 130.66.
