The single European currency has appreciated about 92 base points against the Japanese Yen since January 15. The currency pair breached both the 50-, 100– and 200-hour SMAs during Friday’s trading session.
The exchange rate is currently testing a support level formed by the 100-hour simple moving average at 124.94.
If this support level holds, bullish traders will try to target a swing high of 125.47 within this session.
On the other hand, if the currency exchange rate passes the 100-hour SMA, a decline towards the 124.40 mark could be expected.
