The Eurozone single currency surged by 105 basis points or 0.90% against the Japanese Yen on Wednesday. The currency pair breached the weekly resistance line at 118.67 during Wednesday’s trading session.
As for Thursday’s session, the exchange rate would most likely continue to edge higher. The potential target for bullish traders would be near the monthly R1 at 119.13.
On the other hand, the currency exchange rate could reverse from the current price level at 118.93 and target a support line formed by the 50– hour simple moving average at 118.24 today.