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.

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However, if the currency exchange rate breaks the resistance lines, the next target for bulls would be at the weekly R1 at 124.99.

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