The EUR/JPY passed above technical resistance levels and the 128.50 mark on Tuesday. On Wednesday morning, the rate appeared to be consolidating by slightly retracing back down. However, the rate had no close by technical resistance as high as 129.00 and no support as low as 128.50.
A resumption of the surge of the Euro against the Japanese Yen might reach the resistance of the 129.00 mark, the weekly R1 simple pivot point and the December 8 high level at 129.10. Higher above, note the December high level at 129.64.
On the other hand, a decline of the pair might look for support in the 128.50 level, the weekly simple pivot point at 128.41 and the combination of the 50 and 200-hour simple moving averages near 128.30.