The common European currency declined by 65 points or 0.51% against the Japanese Yen on Wednesday. The decline was stopped by the 200– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off from the support line formed by the 200– hour SMA at 125.80 on Thursday morning.
Most likely, bullish traders could continue to pressure the EUR/JPY pair higher during the following trading session.
However, a resistance level at 126.60 could provide resistance for the currency exchange rate in the shorter term.
