The Eurozone single currency appreciated about 97 basis points against the Japanese Yen on Tuesday. The 100– hour SMA guided the currency pair higher during Tuesday’s trading session.
As for the near future, the EUR/JPY exchange rate will most likely continue to extend gains within this session. The potential target for bullish traders would be near a resistance cluster at 121.82.
However, the upper boundary of an ascending channel pattern and the weekly R1 at 120.72 could restrict the bullish momentum during the following trading session.
