The single European currency appreciated about 65 basis points against the Japanese Yen on Tuesday. The currency pair tested the weekly R1 at 119.03 during the morning hours of Wednesday’s trading session.

As for the near future, the EUR/JPY exchange rate will likely aim for monthly R1 at 119.42.

If the currency exchange rate passes the monthly resistance level, bullish traders might drive the price towards the upper boundary of a junior ascending channel pattern during the following trading session.

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