The common European currency appreciated about 68 base points against the Japanese Yen on Wednesday. The currency pair maintained a junior ascending channel pattern during yesterday’s trading session.
Today’s session began with a bullish sentiment. By the middle of the day, a breakout had occurred through the upper boundary of the junior ascending channel pattern.
Given that a breakout has occurred, it is likely that the currency exchange rate aims for a resistance level at 126.76 within this trading session.
If the pair reaches the resistance line as mentioned above, a pullback could be expected.
