The common European currency surged by 68 basis points or 0.55% against the Japanese Yen on Friday. The currency pair breached the 50– and 200– hour SMAs during Friday’s trading session.
Currently, the exchange rate is trading near a resistance cluster formed by the 100– hour simple moving average and the weekly pivot point at 124.17.
If the resistance cluster holds, bearish traders could pressure the EUR/JPY pair lower during the following trading session.
However, if the currency exchange rate breaks the resistance lines, the next target for bulls would be at the weekly R1 at 124.99.