The common European currency appreciated by 70 basis points against the Japanese Yen on Wednesday. The currency pair was guided up by the 50– hour simple moving average throughout yesterday’s trading session.

The EUR/JPY exchange rate will most likely continue to edge higher within the following session. The potential target for bullish traders would be near a resistance cluster at 121.92.

However, the weekly R1 at 120.72 could restrict bulls from pushing the currency exchange rate further north within the following trading session.

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