On Wednesday, the EUR/JPY currency exchange rate passed the resistance of the 129.00 mark and the technical levels that were strengthening it. Afterwards, the 129.00 level was confirmed as support and the pair almost immediately reached the 129.50 level. By the middle of Thursday’s European trading, the pair was still located below the 129.50 mark.
In the case that the EUR/JPY reaches above the 129.50 mark, the December high level at 129.65 might stop a surge. Higher, the 130.00 mark and the zone near it are acting as resistance.
On the other hand, a potential decline would most likely look for support in the 129.00 mark and the weekly R1 simple pivot point at 129.05. In addition, note the approaching 50-hour simple moving average near 128.95.