The Eurozone single currency has surged by 109 pips or 0.94% against the Japanese Yen since Friday’s trading session. The currency pair breached the upper boundary of a junior descending channel pattern on Monday morning.
Given that the EUR/JPY exchange rate has breached the upper border of the junior channel, a surge towards the 117.00 area could occur during the following trading session.
However, technical indicators suggest that the currency exchange rate might edge lower within this session.
