Upside risks dominated the common European currency against the against the Japanese Yen on Thursday. The exchange rate rose by about 100 base points during Thursday’s trading session.

The currency pair is currently trading near a resistance level formed by the monthly R3 at 127.25. If this resistance line holds, a pullback towards the 126.60 mark could be expected within this session.

On the other hand, if the currency exchange rate passes the monthly R3 at 127.25, the next target for bullish traders will be a December 2018 high level at 129.00.

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