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The common European currency surged by 110 basis points or 0.91% against the Japanese Yen on Monday. The currency pair breached the weekly R1 at 121.77 during yesterday’s trading session.

All things being equal, the EUR/JPY exchange rate will most likely continue to edge higher within this session. The potential target bears would be at the 122.40 level.

However, the resistance cluster formed by the monthly pivot point and the weekly R1 near 121.77 could provide resistance for the currency exchange rate during the following trading session.

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