The common European currency surged by 186 pips or 1.59% in value against the Japanese Yen on Wednesday. The currency pair made a U-turn from the weekly S1 at 117.19 during yesterday’s trading session.
The exchange rate will most likely continue to edge higher within this session. The EUR/JPY pair could target the upper boundary of a descending channel pattern at 120.16.
On the other hand, given that technical indicators flash mixed signals, the currency exchange rate could consolidate above the 117.50 area during the following trading session.
