The common European currency appreciated about 57 base points against the Japanese Yen on Thursday. The currency pair breached both the 50-, 100– and 200-hour SMAs during yesterday's trading session.
Currently, the exchange rate is testing a resistance cluster formed by the weekly and the monthly PPs at 122.23.
If the resistance cluster holds, bears would drag the currency exchange rate lower within this session.
However, if the EUR/JPY pair breaks the cluster as mentioned above, the Euro will continue to make gains during the following trading session.
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