The Eurozone single currency surged by 94 pips or 0.76% against the Japanese Yen on Thursday. The currency pair reversed from a support cluster formed by the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
As for today’s session, bullish traders could continue to push the exchange rate higher. The potential target will be near 4 hours time-frame resistance level at 124.90.
Although, the weekly resistance level at 124.59 could provide a barrier for the EUR/JPY currency exchange rate within the following trading session.