The 50– hour simple moving average guided the common European currency against the Japanese Yen on Thursday. The currency pair made about 50 points movement during yesterday’s trading session.
If the 50– hour SMA support level holds, bullish traders are likely to pressure the exchange rate higher during the following trading session. The potential target for bulls would be at the EUR/JPY pair towards the weekly R2 at 125.20.
However, if the currency exchange rate breaks the support line, a decline towards the 124.00 area could be expected today.
