The single European currency surged by 106 pips or 0.80% against the Japanese Yen on Thursday. The currency pair breached a significant resistance level at 133.41 during Thursday’s trading session.
The exchange rate could continue to surge in an ascending channel pattern during the following trading session. The potential target for the EUR/JPY pair could be near the 134.00 level.
However, the currency exchange rate is likely to make a brief pullback towards the 50– hour simple moving average at 133.38 within this session.
