The resistance of the 50-hour simple moving average was enough for the EUR/JPY to decline to the support zone at 130.75/130.90. The first decline of the rate was stopped by the support zone.
However, on Tuesday morning, the pair shortly passed below the zone. Meanwhile, the EUR/JPY was being steadily approached by the 50-hour simple moving average from above.
If the EUR/JPY continues to decline, the rate could look for support in the 130.48 level where the weekly S1 simple pivot was located at. Below the pivot point, the 130.00 mark might act as a support level.
On the other hand, a potential recovery of the pair would face the resistance of the 50-hour simple moving average. During the early hours of Tuesday’s European trading, the SMA was located near the 131.15 level. Above the SMA, the resistance zone at 131.48/131.61 could keep the EUR/JPY down.
