The common European currency surged by 42 pips or 0.32% against the Japanese Yen on Monday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
The exchange rate breached the 200– hour SMA during the Asian session on Tuesday. Most likely, the exchange rate could continue to edge higher today. The potential target for buyers will be near the 129.80 level.
However, given that the currency exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout could occur within this session.
