The Eurozone single currency bounced off the lower boundary of a descending channel pattern against the Japanese Yen at the end of yesterday’s trading session. As a result, the currency pair surged by 51 basis points.
In regards to the near future, the EUR/JPY exchange rate will likely continue to gain strength. The possible target will be at resistance level formed by the 200– hour simple moving average at 120.32.
However, a resistance cluster formed by the monthly pivot point and the 100– hour SMA at 119.65 could restrict bullish traders from pushing the price higher within this session.
