The EUR/JPY currency pair bounced off the support level at 132.51 on Monday. As a result, the common European currency edged higher by 53 pips or 0.40% against the Japanese Yen during yesterday’s trading session.
All things being equal, the exchange rate could continue to surge during the following trading session. The potential target for bullish traders will be near the weekly resistance level at 133.28.
However, the currency exchange rate might reverse from the upper boundary of the descending channel pattern at 132.87 and target the 132.40 level today.
