The EUR/JPY currency exchange rate has reached the December low level zone at 127.40/127.65. The zone provided enough support for a recovery to start. By the middle of Monday’s trading hours, the pair had reached the 128.00 mark.
If the rate continues to surge, resistance could be met at the 128.40 level, where the 50 and 200-hour simple moving averages, the weekly simple pivot point and a previous low level zone are located at. Higher above, the 129.00 mark might act as resistance.
On the other hand, a potential decline of the Euro against the Japanese Yen might once again look for support in the 127.40/127.65 zone, before reaching the weekly S1 simple pivot point at 127.18.
