The Eurozone single currency surged by 60 points or 0.48% against the Japanese Yen on Monday. The currency pair breached the weekly pivot point at 125.22 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of a descending channel pattern is likely to occur.
Though, the 100– hour simple moving average at 125.27 could provide resistance for the currency exchange rate within this session.
