The EUR/JPY currency exchange rate was surging on Thursday, as it reached above the 129.60 mark during the second half of the day’s trading. However, at 13:30 GMT, the European Central Bank press conference started, during which information was revealed that beat down the value of the Euro. By 16:00 GMT, the rate had reached the 128.45 level, where it found support in a combination of the 50-hour SMA and a prior high level zone.
On Friday morning, the rate had recovered and tested the resistance of the 129.00 mark. Meanwhile, it was expected that support would still be provided at 128.45.
In the case that the rate continues to recover, it would have to pass levels that provided resistance previously. Namely, take into account the 129.00 mark, the high level zone above 129.00 and the weekly R1 simple pivot point at 129.14. Higher above, the rate could encounter resistance at the 129.53/129.60 zone.
On the other hand, a decline of the Euro against the Japanese Yen would once again look for support the 128.45 level. Below the 128.45 mark, support is provided by the 200-hour simple moving average near 128.35 and the weekly simple pivot point at 128.33. Further, the 128.00 level is expected to stop a decline.
