The common European currency has surged by 132 pips or 1.13% in value against the Japanese Yen since Friday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern on Monday morning.
Given that a breakout had occurred, the currency pair will most likely continue to edge higher within this session. The potential target could be at a resistance cluster formed by the 200– hour simple moving average and the monthly pivot point at the 118.87 area.
Although, technical indicators suggest that the EUR/JPY exchange rate might trade sideways during the following trading session.
