The common European currency surged by 72 basis points or 0.58% against the Japanese Yen on Tuesday. The currency pair breached the weekly R1 at 124.64 during yesterday’s trading session.
As for the near future, the EUR/JPY exchange rate could continue to trend bullish during the following trading session. The potential target for bullish traders would be at the 125.50 level.
However, if the currency exchange rate breaks the support line at 124.64, a declined towards the weekly pivot point at 123.83 could be expected within this session.