The common European currency surged by 88 pips or 0.75% against the Japanese Yen on Thursday. The currency pair tested the upper boundary of an ascending channel pattern at 119.37 during yesterday’s trading session.

All things being equal, the EUR/JPY exchange rate could decline within the following trading session. Bearish traders are likely to pressure the price towards the 118.20 level.

However, a support cluster formed by the 50– hour simple moving average and the weekly R1 at 118.67 could provide support for the currency exchange rate during the following trading session.

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