On Wednesday, the common European currency surged by 57 pips or 0.44% against the Japanese Yen. The 50– hour simple moving average led the currency pair higher during yesterday’s trading session.
Technical indicators suggest that the exchange rate would continue to trend in the ascending channel pattern during the following trading session. The potential target for buyers will be near the 130.80 level.
However, bullish traders may encounter resistance at 130.40 within the following trading hours.
