The common European currency surged by 72 pips or 0.50% against the Japanese Yen on Wednesday. The currency pair tested the weekly resistance level at 130.05 during Wednesday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 129.75.
If the channel pattern holds, buyers are likely to continue to pressure the EUR/JPY pair higher today.
However, if the currency exchange rate breaks the ascending channel, a decline towards a support cluster at 129.17 could be expected within this session.
