The European single currency continued its upside movement against the Japanese Yen on Tuesday. The currency pair breached a resistance level formed by the weekly and the monthly PPs at 119.36.
By and large, the exchange rate could continue its upward swing within this session. The potential target for bullish traders would be near the weekly resistance level at 120.46.
However, if the currency exchange rate breaks a support cluster formed by the 50– and 100– hour SMAs at 118.99, a decline towards the 118.00 could happen before the end of the today’s session.
