The common European currency has surged by 53 pips or 0.44% in value against the Japanese Yen since Monday’s trading session. The currency pair tested the weekly R1 at 120.46 on Tuesday morning.
All things being equal, the EUR/JPY exchange rate will most likely continue to edge up within this session. The potential target will be at a resistance level near the 120.80 area.
However, a resistance level at 120.46 could provide resistance for the currency exchange rate during the following trading session.
