The common European currency edged higher by 71 basis points against the Japanese Yen. The currency pair breached the weekly R1 at 122.32 during yesterday’s trading session.
Currently, the exchange rate is trading near a resistance cluster formed by the weekly R2 and the monthly R1 at 122.98.
From a theoretical point of view, the EUR/JPY pair might make a downside reversal from the resistance level, as mentioned earlier.
However, technical indicators demonstrate that the currency exchange rate will most likely continue to edge higher in the short-term future.
