On Tuesday, the common European currency edged higher by 56 pips or 0.43% against the Japanese Yen. A breakout occurred through the upper boundary of a descending channel pattern during Tuesday’s trading session.
Given that a breakout has occurred, bullish traders could continue to pressure the exchange rate higher during the following trading session. The potential target for buyers will be near the 130.00 level.
However, the 200– hour simple moving average at 129.46 could provide resistance for the EUR/JPY currency exchange rate within this session.
