Bullish sentiment dominated the single European currency against the Japanese Yen on Thursday. The currency pair gained about 241 base points during yesterday’s trading session.

The exchange rate tested the 50-hour simple moving average at 123.25 during the Asian session on Friday.

Everything being equal, it is likely that the EUR/JPY currency exchange rate continue gaining strength within this session. The possible target will near a resistance cluster formed by the monthly pivot point and the 200-hour SMA at 125.43.

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