During the second part of Tuesday’s trading, the EUR/JPY currency exchange rate ignored technical levels and previously notable round exchange rates. It ended doing so on Wednesday, when the pair respected the support of the 50-hour simple moving average and the resistance of the 200-hour simple moving average.
If the rate passes the support of the 50-hour SMA, the pair could decline. Potential support could be found in the 128.00 and 127.50 levels. However, note that the 128.00 mark was ignored during Tuesday’s trading.
On the other hand, a breaking of the 200-hour simple moving average might result in the rate reaching the weekly R1 simple pivot point at 129.33. Although, the 129.00 level might provide resistance to a potential surge.
