The 50– hour simple moving average guided the common European currency against the Japanese Yen. The currency pair breached the 122.80 area during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge up within this session. Bullish traders are likely to aim for the 123.50 marks.
However, a resistance cluster formed by the weekly R2 and the monthly R1 at 122.98 could provide resistance for the currency exchange rate during the following trading session.