The common European currency has surged by 98 basis points or 0.81% against the Japanese Yen since Friday’s trading session. The currency pair tested the monthly support level at 121.65 on Monday morning.
Everything being equal, the EUR/JPY exchange rate could continue to trend bullish within this session. Bulls are likely to target the upper boundary of an ascending channel pattern at 122.00.
However, the currency exchange rate is expected to make a brief pullback towards the 121.30 level during the following trading session.
