The single European currency surged by 91 pips or 0.72% against the Japanese Yen on Friday. The currency pair breached the upper line of an ascending channel pattern during Friday’s trading session.
Given that a breakout had occurred, the exchange rate is likely to edge higher during the following trading session. The potential target for the EUR/JPY pair would be near the weekly R1 at 127.73.
However, a resistance line at 127.20 could provide a barrier for bullish traders within this session.
