The common European currency appreciated about 70 base points against the Japanese Yen on Wednesday. The surged was stopped by a resistance level formed by the 50-hour simple moving average at 128.40.
Thursday’s trading session began with a strong bearish momentum, and by the middle of the session, the EUR/JPY currency pair has plunged by about 74 base points.
Everything being equal, it is likely that the 50-hour SMA could pressure the currency exchange rate down towards a support cluster formed by the weekly and the monthly PPs at 127.27 today.
