The common European currency versus the Japanese Yen has continued to trade between the range of 123.18/122.60 levels. All things being equal, a breakout is likely to occur during the following trading session.

If the break occurs through the resistance level at 123.20, a surge towards the 200– hour simple moving average at 123.65 could be expected today.

However, technical indicators suggest that bears might pressure the EUR/JPY currency exchange rate lower within this session.

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