The EUR/JPY currency pair rebounded from the lower line of an ascending channel pattern at 128.88 on Monday. As a result, the Eurozone single currency has surged by 62 pips or 0.48% against the Japanese Yen since yesterday’s trading session.
Given that the exchange rate has bounced off the support line, bullish traders are likely to continue to pressure the price higher during the following trading session. The potential target for buyers will be near the 130.00 area.
However, the weekly resistance level at 129.72 could provide resistance for the currency exchange rate within this session.
