The Eurozone single currency surged more than 90 points or 0.76% against the Japanese Yen on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during Wednesday’s trading session.
Given that a breakout had occurred, bulls could pressure the EUR/JPY currency pair higher within this session. The possible target for bullish traders would be at the weekly pivot point at 126.03.
However, a resistance cluster formed by the 200– hour SMA and the weekly resistance line at 125.74 could provide resistance for the currency exchange rate in the shorter term.
