The common European currency appreciated about 100 pips against the Japanese Yen on Friday. The currency pair breached the 50– and 200-hour SMAs at 132.17 during the end of Friday’s session.
The exchange rate was trading near the upper boundary of a descending channel at 132.35 during the first part of Monday’s trading session and could be set for a breakout.
If the rate passes the 132.35 mark, the next target for the currency exchange rate will be near the weekly R1 at the 132.99.
However, technical indicator on the 4(H) time frame suggests that the surge might not be immediate.
