The EUR/JPY exchange rate maintained the narrow ascending channel pattern during yesterday’s trading session. The currency pair made about 35 pips or 028% move during Thursday’s trading session.
Currently, the exchange rate is trading near the lower boundary of the narrow ascending channel and could be set for a breakout.
If the breakout occurs, a decline towards the 131.00 level could be expected within this session.
However, if the channel pattern holds, bullish traders could target the weekly resistance level at 132.48 today.
