The single European currency versus the Japanese Yen rebounded from the monthly support level at 117.89 on Monday. As a result, the currency pair surged by 212 basis points or 1.78% in value during yesterday’s trading sessions.
As for the near future, the exchange rate will most likely continue to trade bullish. A breakout through the upper boundary of a dominate descending channel pattern could occur.
However, if the dominate descending channel pattern holds, the currency exchange rate could make a brief retracement towards the 119.00 area within the following trading session.
