The common European currency surged by 203 basis points or 1.70% against the Japanese Yen on Tuesday. The currency pair breached the upper boundary of an ascending channel pattern during Tuesday’s trading session.
Given that the exchange rate has breached the upper line of the ascending channel, a surge towards the psychological level at 123.00 could be expected within this session.
However, the currency exchange rate might reverse from the resistance cluster at 121.78 and aim for the support level at 120.69 during the following trading session.
