EURJPY Analysis: Potential reversal

EURJPY

The single European currency appreciated about 90 base points against the Japanese Yen on Thursday. The currency pair closed below the weekly S1 at 130.28 during yesterday session.

Everything being equal, it is likely that the currency pair makes a brief pullback towards a support cluster formed by the 50– and 100-hour SMAs at 129.90 within this session.

If this support level as mentioned above holds, the currency exchange rate will reverse from that level and aim at the 200-hour simple moving average at 130.61 during the following trading session.

EURJPY

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