The Eurozone single currency traded sideways against the Japanese Yen on Wednesday. The currency pair traded between the range of 123.18/122.60 during yesterday’s trading session.

Two scenarios are likely to occur within the following trading session. Firstly, if the EUR/JPY exchange rate breaks the support level at 122.60, a decline towards the 122.00 level.

However, if the currency exchange rate breaches the resistance level at 123.18, bullish traders could pressure the price towards the 123.60 area during the following trading session.

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