The common European currency surged by 40 pips or 0.32% against the Japanese Yen on Tuesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge higher during the following trading session. The potential target for the EUR/JPY pair would be near the 126.60 level.
However, a resistance level at 126.40 could provide a barrier for bullish trader within this session.
