The EUR/JPY currency pair tested the 50-hour simple moving average at 128.67 on Thursday.
As apparent on the 1(H) chart, the currency pair could not dash through the SMAs at the beginning of today’s session. Presently, the exchange rate is moving toward the upper boundary of a one-week ascending channel pattern at 129.40.
Everything being equal, it is likely that the common European currency could aim for a re-tests of the 50-, 100-, and 200-hour SMAs within this session.
However, it is important to note that a support cluster formed by the combination of the weekly and the monthly PPs at 128.93 could hinder such move today.
