The common European currency appreciated about 90 base points against the Japanese Yen on Tuesday. This appreciation was temporary stopped by the weekly R1 at 129.76.
However, the exchange rate breached the weekly resistance level at 129.76 during the Asian session on Wednesday.
Given that the three SMAs is below the price level, it is likely that the EUR/JPY currency exchange rate continues its upside movement during the following trading session.
The potential target for the pair could be a swing high of 130.18 within this trading day.
