The common European currency surged by 98 pips or 0.81% against the Japanese Yen on Monday. The currency pair tested the upper boundary of an ascending channel pattern at 121.80 during yesterday’s trading session.
By and large, the EUR/JPY exchange rate will most likely continue to trend bullish during the following trading session. Bullish traders could aim at the psychological level at 122.00.
However, the monthly resistance level at 121.65 could provide resistance for the currency exchange rate within this session.