The common European currency surged by 51 basis points or 0.41% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday's trading session.
Everything being equal, the exchange rate could continue to surge within this session. Bulls are likely to break the monthly resistance line at the 124.00 level.
Although, the currency exchange rate is expected to make a brief pullback towards the weekly pivot point at 123.37 during the following trading session before bullish traders take control of the market.
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