The EUR/JPY currency pair bounced off the 200– hour simple moving average at 128.56 on March 2, as a result, the common European currency has surged by 98 pips or 0.76% against the Japanese Yen since Tuesday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher in an ascending channel pattern during the following trading session. The potential target for buyers could be near the weekly R1 at 129.86.
However, the currency exchange rate might reverse from an order block at 129.25 within this session.
