The common European currency declined by 53 pips or 0.41% against the Japanese Yen on Tuesday. The decline was stopped by the lower line of an ascending channel pattern at 129.00 during yesterday’s trading session.
Most likely, the exchange rate could continue to edge higher during the following trading session. The EUR/JPY currency pair could still target the 130.00 level.
However, the weekly resistance level at 129.72 could provide resistance for the currency exchange rate today and a breakout through the lower boundary of the channel pattern could occur
