Upside risks have dominated the common European currency against the Japanese Yen since yesterday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern at 119.07 during the morning hours of Tuesday’s session.
Give that a breakout had occurred, it is likely that the EUR/JPY exchange rate could target a resistance level formed by the weekly R1 at 120.46 during the coming hours.
On the hand, the currency exchange rate might make a brief retracement towards the 118.83 area today
