The common European currency surged by 67 basis points or 0.58% against the Japanese Yen on Thursday. The surged was stopped by the 100– hour simple moving average during Thursday’s trading session.
As for today’s session, the EUR/JPY exchange rate could continue to edge higher. Bullish traders are likely to aim at the upper line of a dominant descending channel at 116.50.
However, if the currency exchange rate breaks the weekly pivot point at 115.75, a decline towards the 115.20 area could be expected during the following trading session.
