The single European currency has surged by 80 basis points or 0.69% against the Japanese Yen since Monday’s trading session. The currency pair breached the 50– and 100– hour SMAs on Tuesday morning.
As for the near future, the EUR/JPY exchange rate could continue to surge in the ascending channel pattern. The potential target would be at the 118.40 area.
On the other hand, the currency exchange rate might make a U-turn from the current price level at 117.81 and aim for the lower boundary of the channel pattern at 116.50 during the following trading session.