EUR/JPY Reaches 129.00 Level – Action Forex

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In the middle of Wednesday, the EUR / JPY exchange rate broke the resistance of the zone at 128.20 / 128.35 and the weekly R1 single pivot point at 128.35. Later, the pair reached the 129.00 mark and tested its resistance until midnight through Thursday. On Thursday morning, the pair declined and sought support at the 128.20 / 128.35 zone. Note that the zone was reached with the additional support of the 50-hour simple moving average.

In the event that the rate recovers, it could again test the resistance of the 129.00 level. Above the 129.00 mark, the weekly R2 single pivot point at 129.31 could stop a rise. Higher up, note the resistance of the 129.50 level and previous high zone above it.

On the other hand, a pass of the weekly R1, 50-hour SMA and the 129.20 / 129.35 zone would most likely result in the pair seeking support in the 200-hour SMA at 128.10. Below, the weekly single pivot point at 127.91 could serve as a support.

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