The common European currency has continued to trade bullish against the Japanese Yen. The currency pair appreciated by 115 basis points during yesterday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout had occurred, the EUR/JPY exchange rate will likely continue to trade bullish within this session.
However, a resistance level formed by the weekly R1 at 121.98 could prevent bulls from push the currency exchange rate higher during the following trading session.
