The single European currency surged by 46 pips or 0.36% against the Japanese Yen on Thursday. The currency pair tested a resistance cluster at 127.83 during yesterday’s trading session.
Technical indicators suggest that the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the 128.40 area.
However, a resistance level formed by the weekly R2 at 127.83 could provide a barrier for bulls within this session.