The single European currency surged by 91 pips or 0.70% against the Japanese Yen on Friday. A breakout occurred through the upper line of a descending channel pattern during Friday’s trading session.
Given that a breakout has occurred, buyers could continue to pressure the exchange rate higher during the following trading session. The potential target for the currency pair will be near the 131.00 level.
However, a resistance level at 130.53 could still provide resistance for the EUR/JPY currency exchange rate today.
