The common European currency surged by 106 basis points or 0.85% against the Japanese Yen on Tuesday. The currency pair tested the weekly resistance level at 126.00 during yesterday’s trading session.
The exchange rate is currently testing a support level formed by the 200– hour simple moving average at 125.64.
If the support line holds, bullish traders could continue to pressure the price higher within this session.
However, if the currency exchange rate breaks the 200– hour SMA, a decline towards the weekly PP at 125.22 could be expected today.
