The EUR/JPY currency pair bounced off from the lower boundary of a descending channel pattern at 125.08 during late Monday. As a result, the Eurozone single currency has surged by 78 pips or 0.62% against the Japanese Yen since yesterday’s trading session.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper line of the channel pattern could occur within the following trading session.
However, the 100– hour simple moving average at 125.94 could provide resistance for the currency exchange rate today.
