The EUR/JPY currency exchange rate found resistance in the 200-hour simple moving average near 128.70. The SMA provided enough resistance on Wednesday to cause a decline through the support of the 50-hour SMA to the 127.50 mark.
The 127.50 once again provided support and force the Euro into a recovery against the Japanese Yen. By the start of the day’s European trading, the rate had encountered resistance at the 128.10 level, where the 50-hour simple moving average was located at.
A passing of the resistance of the 50-hour simple moving average, could result in the rate reaching the resistance of the weekly simple pivot point at 128.56. Above the pivot point, the 200-hour simple moving average acts as resistance near 128.65.
On the other hand, a potential decline might once again look for support in the 127.50 level and the weekly S1 simple pivot point at 127.53. Below these levels, there is no technical support as low as the weekly S2 simple pivot point at 126.76. However, take into account that the 127.00 mark might act as support.
