The common European currency traded above the monthly resistance level at 123.47 against the Japanese Yen during Friday’s trading session.
Currently, the exchange rate is testing the 50– hour simple moving average support level at 123.60.
If the support line holds, bullish traders would continue to dominate the EUR/JPY pair today.
However, if the currency exchange rate breaks the 50– hour SMA, a decline towards the weekly pivot point at 122.52 could be expected during the following trading session.
