The single European currency surged by 116 pips or 0.94% against the Japanese Yen on Wednesday. The currency pair breached the monthly resistance level at 124.00 during Wednesday’s trading session.

Most likely, bullish traders will pressure the exchange rate higher within the following trading session. The potential target for bulls would be near the weekly R3 at 124.75.

A possible downside reversal could occur from the upper boundary of an ascending channel pattern during the following trading session

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