The common European currency surged by 57 pips or 0.42% against the Japanese Yen on Friday. The currency pair tested the 132.40 level during Friday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.
However, the resistance level at 132.40 could provide a barrier for bullish traders in the shorter term.
