The common European currency appreciated about 84 base points against the Japanese Yen on Wednesday. The currency pair was guided up by the 50-hour simple moving average during Wednesday’s trading session.
As for the near future, it is likely that the currency exchange rate will continue its upside movement and potentially targets the monthly resistance level at 125.70 within this session.
On the other hand, bears could push the EUR/JPY exchange rate down towards a support level formed by the lower boundary of a junior ascending channel at 124.87 today.
