The common European currency surged by 50 basis points against the Japanese Yen on Wednesday. The 50– hour simple moving average provided support for the currency pair at 122.46 during yesterday’s trading session.
As for the near future, the EUR/JPY exchange rate will most likely continue to trade north. A surge towards the weekly R2 and monthly R1 at 122.91 could occur within the following trading session.
However, it is expected that the currency exchange rate will make a brief downward movement today. The potential target would likely be at the 100– hour simple moving average at 122.00.
