The common European currency depreciated about 113 base points against the Japanese Yen on Friday. The currency pair breached both the 50-, 100-, and 200-hour SMAs during the previous session.
Today’s session began with a bullish momentum, and by the middle of the day, the exchange rate has dashed through the 23.60% Fibonacci retracement level at 128.29.
As for the near future, it is likely that the currency exchange rate aim at a resistance cluster formed by the combination of the 50– and 100-hour SMAs and the 50% fibo level at 128.62.
