The EUR/JPY currency pair bounced off the lower boundary of an ascending channel pattern at 126.00 during yesterday’s trading session. As a result, the Euro surged by 65 pips or 0.51% the Yen on Monday.
All things being equal, the exchange rate could continue to trend bullish during the following trading session. The potential target for bullish traders would be near the 127.00 area.
However, a resistance level at 126.60 could provide a barrier for the currency exchange rate within this session.
