The common European currency is gradually edging higher against the Japanese Yen. The currency pair tested a resistance level formed by the 50-hour simple moving average at 124.79 during yesterday’s trading session.
Given that the currency exchange rate has breached the 50-hour SMA, the next target for bullish traders will be at the 100- or the 200-hour SMAs at 125.36/125.86 during the following trading session.
However, a resistance cluster formed by the combination of the weekly and the monthly PPs at 124.95 could pressure the EUR/JPY currency pair further south within this session.
