EUR/JPY Analysis: breaches 50-hour SMA

EURJPY

The 50-hour simple moving average pulled down the Eurozone single currency against the Japanese Yen on Friday. The pair depreciated about 0.42% during Friday's trading session.

The currency pair started Monday's trading session with an upside movement. By the middle of the day, the EUR/JPY pair has breached a resistance level at 124.94.

As for the near future, it is likely that bullish traders push the currency exchange rate towards a resistance cluster formed by the weekly PP and the 100-hour SMA at 124.80.

However, technical indicators suggest that the pair will continue its southern movement today.

EURJPY

EURJPY

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