The common European currency surged by 123 pips or 1.01% against the Japanese Yen on Tuesday. The currency pair breached the monthly PP at 122.56 during yesterday’s trading session.
The EUR/JPY exchange rate reversed from the 200– hour simple moving average at 122.83 on Wednesday morning. Most likely, bearish traders are likely to pressure the price lower within this session.
However, a support cluster formed by the 50– and 100– hour SMAs at 122.17, could provide a barrier for bears during the following trading session.
