The single European currency surged by 107 basis points or 0.91% against the Japanese Yen on Tuesday. The currency pair breached the upper boundary of a junior ascending channel pattern at 117.65 during Tuesday’s trading session.
Everything being equal, the EUR/JPY exchange rate could continue to trend bullish. The potential target for bullish traders would be at the monthly resistance level at 119.13.
However, the weekly R3 at 118.24 could provide resistance for the currency exchange rate during the following trading session.
