The single European currency appreciated about 31 basis points against the Japanese Yen on Tuesday. The currency pair breached the upper boundary of a descending channel pattern at 120.20 during Tuesday’s trading session.
Given that the EUR/JPY exchange rate has breached the channel pattern, bullish traders could continue to drive the price higher during the following trading session.
However, a resistance level formed by the weekly R1 at 120.35 could provide resistance for the currency exchange rate within today’s trading session.
