The Eurozone single currency has surged by 89 points or 0.71% against the Japanese Yen since Wednesday’s trading session. The currency pair tested the weekly R1 at 125.56 on Thursday morning.
If the EUR/JPY exchange rate breaks the weekly resistance level at 125.59, a surge towards the upper boundary of an ascending channel pattern at 126.48 could be expected within this session.
However, if the resistance line holds, bears could prevail in the market during the following trading hours.
