The common European currency surged by 60 basis points or 0.48% against the Japanese Yen on Thursday. The currency pair breached a resistance level at 126.11 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, the currency exchange rate is likely to make a brief retracement towards the 126.11 area within this session.
