The EUR/JPY currency pair bounced off a support level formed by the 50– hour SMA at 130.40 on Tuesday. As a result, the common European currency surged by 32 pips or 0.25% against the Japanese Yen.
All things being equal, the exchange rate could continue to trend higher during Wednesday’s trading session. The possible target for bulls would be near the 131.00 level.
However, bullish traders may encounter resistance at 130.73 within the following trading session.
