The common European currency surged by 62 pips or 0.47% against the Japanese Yen on Thursday. The currency pair tested the upper line of a descending channel pattern at 131.80 during Thursday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. The potential target for the EUR/JPY pair could be near the 132.00 level.
However, the upper line of the channel pattern at 131.65 could provide resistance for the currency exchange rate within this session.
