The Eurozone single currency surged by 101 basis points or 0.85% against the Japanese Yen on Friday. The currency pair breached the upper boundary of an ascending channel pattern during Friday’s trading session.
Technical indicators suggest that the exchange rate could continue to edge higher during the following trading session. Bullish traders could target the 120.50 level today.
However, the EUR/JPY currency exchange rate has to surpass the psychological line at 120.00 before reaching the given target.