At GMT midnight to Thursday, the EUR/JPY currency exchange rate bounced off the 132.56 level and began a decline. The decline gradually became sharper, as eventually the rate lost 95 base points. On Thursday morning, the rate ended the decline,as it found support in the 131.48/131.62 zone.
If the support zone causes a recovery of the rate, it could aim at the resistance of the 50-hour simple moving average at 132.00, the weekly simple pivot point at 132.09 and afterwards the 200-hour simple moving average at 132.15. Above these levels, the pair might find resistance in previous high levels at 132.40 and 132.56.
Meanwhile, a passing of the support zone could result in a decline. A potential decline might find support in the weekly S1 simple pivot point at 131.26. Below the pivot point, the 131.00 mark might act as a support level.
