The common European currency reversed north from the lower boundary of a descending channel pattern against the Japanese Yen on November 14. As a result, the currency pair has appreciated about 1.10% in value during this period.
Everything being equal, the EUR/JPY exchange rate will likely continue to edge higher during the following trading session. The potential target for bullish traders would be near the 120.78.
However, the currency exchange rate has to surpass a resistance level formed by the upper boundary of the descending channel pattern at 120.60 before reaching the given target.
