The 50– hour simple moving average guided the EUR/JPY currency pair higher on Friday. As a result, the Eurozone single currency surged by 80 pips or 0.61% against the Japanese Yen during Friday’s trading session.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. The exchange rate could continue to trend higher during the following trading session.
However, if the currency exchange rate breaks the support level at 132.12, bearish traders could target the lower boundary of an ascending channel pattern at 131.50 within this session.
