The common European currency surged by 58 basis points or 0.50% against the Japanese Yen on Wednesday. The currency pair tested the 100– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge higher. The potential target for bullish traders would be near the resistance cluster formed by the 200– hour SMA and the weekly PP at 116.38.
Although, technical indicators suggest that the EUR/JPY currency exchange rate will most likely continue to decline during the following trading session.
