The common European currency has surged by 80 pips or 0.62% against the Japanese Yen since yesterday’s trading session. Bullish traders were unable to break the 130.54 level.
All things being equal, the EUR/JPY exchange rate is likely to continue to edge up within this session. A breakout from the resistance level, as mentioned above, could occur.
However, if the resistance line at 130.54 holds, bears could pressure the currency exchange rate lower during the following trading session.
