The 50– hour simple moving average has been driving the EUR/JPY currency pair lower since March 27. The pair tested March 9 lows at 116.26 during Thursday’s trading session.
As for the near future, investors and traders may opt for the Japanese Yen as a safe-haven currency against the euro. The potential target for the exchange rate will be at the 115.00 area.
However, a support cluster formed by the weekly S2 and the monthly S1 at 116.11 could provide support for the currency exchange rate within the following trading session.
