The single European currency appreciated by 32 basis points against the Japanese Yen on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session.

Given that a breakout occurred, the EUR/JPY exchange rate will likely continue to gain strength until it reaches a resistance line formed by the weekly R1 at the 121.00 zones.

Although, the currency exchange rate might reverse from the current price level at 120.67 and continue to trade in the descending channel pattern during the following trading session.

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