The common European currency has surged by 97 pips or 0.78% against the Japanese Yen on October 7. The currency pair was pressured higher by the 100– hour simple moving average.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. The potential target for bulls would be at the 125.20 level.
Although, the currency exchange rate might make a brief retracement towards a support cluster formed by the monthly pivot point and the weekly R1 at 124.34 within this session.
