The common European currency is trading in a triangle-like formation against the Japanese Yen. The currency pair re-tested the bottom border of the pattern during last week’s session.
A breakout through the upper boundary of the triangle pattern occurred during the first part of Monday’s trading session.
Given that a breakout had occurred, the next target for the currency exchange rate will be at the upper boundary of a downtrend line at 129.56.
However, a resistance level formed by the 200-hour simple moving average at 128.95 could hinder the rate from hitting the target today.
