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EUR/JPY Could Make Brief Upside Retacement

The single European currency declined by 84 basis points or 0.69% in value against the Japanese Yen on Friday. The currency pair was pressured south by the 50– hour simple moving average.

As for the near future, the EUR/JPY exchange rate could make a brief upward retracement. Bullish traders are likely to target a resistance level formed by the 100– hour simple moving average at 121.34.

However, a resistance cluster formed by the 50– hour SMA and the weekly pivot point at 121.08 could hinder such progress during the following trading session.

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