The EUR/JPY currency exchange rate managed to pass the 128.00 mark at mid-day on Monday. On Tuesday, the pair broke the resistance of the 50 and 200-hour simple moving averages at 128.20 and 128.30. Next target for the pair’s surge was the weekly simple pivot point at 128.41 and the 128.45 mark, which has been shown capable of acting as both support and resistance.
If the pair passes the resistance of the pivot point and the 128.45 level, the EUR/JPY would have no resistance as high as the 129.00 level. The 129.00 level and the weekly R1 at 129.05 and the December 8 high level at 129.10 are all expected to act as resistance.
On the other hand, a decline of the rate might look for support in the 200-hour SMA at 128.30 and the 50-hour SMA at 128.10, before reaching the 128.00 mark.
