The common European currency jumped by 122 pips or 0.98% against the Japanese Yen on Wednesday. The currency pair breached the weekly resistance level at 125.60 during yesterday’s trading session.
Technical indicators suggest that the exchange rate is likely to continue to edge higher during the following trading session. Buyers could target the 127.00 level during the following trading session.
However, bullish traders are likely to encounter a resistance cluster at 126.48 in the shorter term.