The Eurozone single currency rose by 41 points or 0.32% against the Japanese Yen on Friday. The currency pair tested the upper line of an ascending channel pattern at 126.39 during Friday’s trading session.
Currently, the exchange rate is trading near the upper boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R1 at 126.74 within the following trading session.
However, if the ascending channel pattern holds, bearish traders might press the currency exchange rate lower today.
