The single European currency declined by 70 basis points or 0.56% against the Japanese Yen during the first half of Thursday's trading session. The exchange rate rebounded at the end of the day.
Currently, the currency pair is testing a support level formed by the 100– hour simple moving average at 124.92.
If the support line holds, bullish traders could pressure the EUR/JPY pair higher within this session.
However, if the currency exchange rate breaks the 100– hour SMA, the next target for bears will be near the monthly PP at 124.29.
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