The common European currency has surged by 111 points or 0.90% against the Japanese Yen since Monday’s trading session. The currency pair breached a resistance cluster at 124.40 on Monday.
Everything being equal, the EUR/JPY exchange rate could make a brief retracement towards the 50– and 100– hour SMAs at 123.88 during the following trading session.
However, a support cluster formed by the monthly pivot point and the weekly R1 at 124.34 might provide support for the currency exchange rate in the shorter term.
