The common European currency surged by 77 basis points or 0.63% against the Japanese Yen on Tuesday. The currency pair breached the weekly R1 at 122.98 during yesterday’s trading session.
Technical indicators flash buying signals on the smaller and the larger time-frame charts. Therefore, bulls are likely to pressure the exchange rate past the 123.40 level within this session.
On the other hand, the currency exchange rate could reverse from the current price level at 123.21 and target the 50– hour simple moving average at 122.86 today.
