The common European currency has surged by 76 basis points or 0.63% against the Japanese Yen since Wednesday’s trading session. The EUR/JPY currency pair reversed from the 100– hour simple moving average support level at 121.20 on Wednesday.

As for the near future, the exchange rate could continue to edge higher. Bullish traders are likely to pressure the price towards the 122.20 region within this session.

However, the currency exchange rate is expected to make a brief retracement towards the 121.50 level today.

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