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EUR/JPY Will Aim For 200-Hour SMA

The single European currency is gradually gaining strength against the Japanese Yen. The currency pair gained about 79 base points during Thursday’s trading session.

The exchange rate is currently trading near the 50– and 100-hour simple moving averages at 124.40. If the pair passes this SMAs, bullish traders will push the rate towards a resistance level formed by the 200-hour SMA at 125.15.

On the other hand, Technical indicators demonstrate that bears will continue to drive the EUR/JPY currency exchange rate lower during the following trading session.

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