Upside risks dominated the common European currency against the Japanese Yen on Monday. The exchange rate edged higher by 85 pips or 0.66% during yesterday’s trading session.
Currently, the currency pair is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 130.60 area could be expected during the following trading session.
However, if the channel pattern holds, the currency exchange rate could continue to trade in the descending channel pattern within this session.
