The common European currency versus the Japanese Yen traded between the 50– hour simple moving average at 119.92 and the weekly support level at 119.61 on Tuesday.
The currency pair is currently trading near a resistance level formed by the 50– hour SMA at 119.92.
If the resistance line holds. The EUR/JPY exchange rate will likely trade south within this session.
However, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 120.20 area could be expected today.
