EUR/JPY breached support cluster

Despite several attempts were made by bulls to push the rate higher on Thursday, the movement of the common European currency was constrained by bears and by the middle of trading day on Friday, the price action breached a support cluster formed by the combination of the weekly and the monthly pivot points located near the 130.96 mark. 

Technical indicators are in favour of subsequent bullish momentum that could dominate the currency exchange rate today. If and when the price breached a support level set by the 100-hour SMA and the lower boundary of an ascending trendline, this could follow by a decline and might likely make the beginning of a new wave down.


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