The Eurozone single currency has surged by 59 basis points against the Japanese Yen since yesterday’s trading session. The currency pair breached the 61.80% Fibonacci retracement level at 121.61 on Friday morning.
Everything being equal, the EUR/JPY exchange rate could make a brief downside retracement towards a support cluster formed by the combination of the 50– and 200– hour SMAs and the 50.00% Fibonacci retracement level at 121.33 within this session.
A potential upside reversal could be expected from the support cluster, as mentioned above, during the following trading session.
