The common European currency surged by 106 pips or 0.86% against the Japanese Yen on Tuesday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session.

Given that a breakout has occurred, the EUR/JPY exchange rate is likely to continue to edge higher within this session. The potential target for bulls would be near the weekly R2 at 124.51.

On the other hand, the currency exchange rate could slide a bit lower towards the 50– hour simple moving average at 123.37 before making an upside movement.

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