The common European currency has surged by 77 basis points or 0.67% against the Japanese Yen on since Thursday’s trading session. The currency pair breached the 50– hour simple moving average on Thursday.
Currently, the exchange rate is trading near a resistance cluster formed by the monthly S1 and the 100– hour SMA at 115.33.
If the resistance cluster holds, the EUR/JPY pair could edge lower within this session.
However, if the currency exchange rate breaks the 100– hour SMA, the next target for the price would be at the 116.00 area.
