The common European currency surged by 70 pips or 0.53% against the Japanese Yen on Wednesday. The currency pair breached the 50– hour simple moving average during Wednesday’s trading session.
Currently, the EUR/JPY exchange rate is trading near the resistance level at the 132.52 area.
If the resistance line holds, a decline towards the 132.00 regions could be expected within this session.
However, if the currency exchange rate breaks the resistance level, bullish traders could target the weekly R2 at 132.93 today.
