The common European currency surged by 52 pips or 0.40% against the Japanese Yen on Friday. The currency pair was pressured higher by the 50– hour simple moving average during last week’s trading sessions.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for buyers will be near the weekly resistance level at 130.86.
However, a resistance level at 130.60 could provide resistance for the currency exchange rate in the shorter term.
