The EUR/JPY currency bounced off the bottom border of a descending channel pattern at 123.37 on Thursday. As a result, the common European currency surged by 76 points or 0.61% against the Japanese Yen.

Everything being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper line of the descending channel could occur.

However, the resistance cluster near the 124.50 could provide a barrier for bulls within this session.

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