The Eurozone single currency has surged by 88 pips or 0.72% against the Japanese Yen since Friday’s trading session. The currency pair breached the upper line of a descending channel pattern on Monday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the exchange rate higher during the following trading sessions. The potential target for bulls would be at the 123.60 area.
However, a resistance level at 123.20 could provide a barrier for bullish traders within the following trading hours.
