The EUR/JPY currency pair bounced off a support line formed by the 200– hour simple moving average at 127.69 on Tuesday. As a result, the exclusive European currency has surged by 61 pips or 0.47% since yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher in an ascending channel pattern. The potential target for bullish traders would be near the 128.80 level.
However, the weekly R1 at 128.39 could provide resistance for the currency exchange rate in the shorter term.
