At mid-day on Wednesday, the EUR/JPY currency exchange rate broke the resistance of the zone at 128.20/128.35 and the weekly R1 simple pivot point at 128.35. Afterwards, the pair reached the 129.00 mark and tested its resistance up to midnight to Thursday. On Thursday morning, the pair declined and looked for support at the 128.20/128.35 zone. Note that the zone has been reached by the additional support of the 50-hour simple moving average.
In the case that the rate recovers, it could once again test the resistance of the 129.00 level. Above the 129.00 mark, the weekly R2 simple pivot point at 129.31 might stop a surge. Higher above, note the resistance of the 129.50 level and previous high level zone above it.
On the other hand, a passing of the weekly R1, 50-hour SMA and the 129.20/129.35 zone would highly likely result in the pair looking for support in the 200-hour SMA at 128.10. Further below, the weekly simple pivot point at 127.91 might act as support.
