The common European currency surged by 55 points or 0.44% against the Japanese Yen on Friday. The currency pair breached the 50– and 100– hour SMAs during Friday’s trading session.
As for the near future, the exchange rate could continue to edge higher in an ascending channel pattern. The possible target for bullish traders would be near the weekly resistance level at 125.01.
However, a resistance line at the 124.60 area could provide resistance for the currency exchange rate within this session.
