The single European currency surged by 71 basis points or 0.59% against the Japanese Yen on Tuesday. The currency pair tested the 121.40 level during yesterday’s trading session.
Bears pressured the exchange rate lower during the Asian session on Wednesday. Most likely, the pair could continue to edge lower throughout this day.
However, technical indicators suggest that bullish traders are likely to drive the EUR/JPY currency exchange rate towards the 121.40 level during the following trading session.