The common European currency appreciated by about 0.42% in value against the Japanese Yen on Wednesday. The currency pair breached a significant resistance level at 121.10 during yesterday’s trading session.
As for the near future, the EUR/JPY exchange rate is likely to retest of the weekly resistance level at 121.10 within the following trading session.
If the weekly R1 holds, bulls could continue to pressure the currency exchange rate higher in the short-term.
However, if the pair breaks the 121.10 area, as mentioned above, a decline towards the 120.85 could be expected today.
