The single European currency surged by 73 pips or 0.59% against the Japanese Yen on Monday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the exchange rate could continue to edge higher during the following trading session. The possible target for bullish traders would be at the 124.40 level.
However, the weekly resistance level at 124.07 could provide resistance for the EUR/JPY currency exchange rate in the shorter term.
