The 200– hour simple moving average provided support for the common European currency against the Japanese Yen during yesterday’s trading session. The currency pair surged by 58 pips or 0.48% in value on Wednesday.
As for the near future, the EUR/JPY exchange rate will most likely continue to edge higher. The potential target for bullish traders would be near the monthly pivot point at 120.93.
However, the 100– hour SMA at 120.31 could provide resistance for the currency exchange rate within this session.