During the first half of Thursday’s trading session, bearish sentiment pressured the single European currency lower against the Japanese Yen. However, when the currency pair tested a support level formed by the 200– hour simple moving average at 117.71, bulls took control of the market.
Currently, the exchange rate is gradually moving towards the weekly R2 at 120.19. Most likely, a downside reversal could occur from the given resistance level.
Although, if the currency exchange rate passes the weekly R2, the EUR/JPY currency pair will most likely end today’s trading session with strong bullish momentum.