The single European currency has depreciated about 0.47% in value against the Japanese Yen since yesterday’s session. The currency pair tested the 61.80% Fibonacci retracement level at 117.19 during the morning hours of Wednesday’s trading session.
The exchange rate will most likely edge higher during the following trading session. The possible target for bullish traders would be near a swing high at the 118.16 regions.
Although, a resistance cluster near the 31.20% Fibo level at 117.57 could restrict bulls from driving the EUR/JPY currency exchange rate higher within the following hours.
