The common European currency edged higher by 48 points or 0.38% against the Japanese Yen on Thursday. The currency pair breached the weekly resistance level at 126.54 during the Asian session on Friday.
Technical indicators flash buying signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could continue to surge within the following trading session. The possible target for bulls would be near the weekly R2 at 127.10.
However, the currency exchange rate could reverse from the current price level at 126.63 and target the 50-, 100– and 200– hour SMAs at 126.23 today.
