During the first half of Wednesday’s trading session, the common European currency declined by 35 pips or 0.28% against the Japanese Yen. However, the currency pair rebounded at the end of the day.
Technical indicators suggest buying signals on the daily time-frame chart. Most likely, the exchange rate could edge higher during the following trading session. The potential upside target for the EUR/JPY pair would be near the 127.40 area.
Though, a resistance cluster formed by the 100– hour simple moving average and the weekly pivot point at 126.66 could provide resistance for the currency exchange rate today.
