The common European currency dipped by 52 pips or 0.40% against the Japanese Yen on Wednesday. The decline was stopped by the 50– hour simple moving average at 128.00 during yesterday’s trading session.
The EUR/JPY exchange rate is likely to edge higher within the following trading session. The potential target for bullish traders would be near the weekly resistance level at 129.86.
However, a resistance line at 129.50 could provide a barrier for buyers during the following trading session.