On Friday, the common European currency surged by 42 pips or 0.32% against the Japanese Yen. However, buyers encountered resistance at 129.65 during Friday’s trading session.
Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, bullish traders could push the exchange rate past the weekly resistance level at 129.65 within this session.
But, if the resistance line holds, a breakout through the lower boundary of an ascending channel pattern could occur today.
