The common European currency surged by 46 basis points or 0.37% against the Japanese Yen on Friday. The 50– hour simple moving average provided support for the currency pair during Friday’s trading session.
Technical indicators demonstrate buying signals on the 4-hour, daily and weekly time-frame charts. Most likely, the EUR/JPY exchange rate could continue to edge higher within this session.
On the other hand, the currency exchange rate is likely to make a brief retracement towards the 200– hour SMA at 124.23 during Monday’s trading session.
