Upside risks dominated the common European currency against the Japanese Yen on Monday. A breakout occurred through the upper line of a descending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, bullish traders are likely to continue to push the exchange rate higher during the following trading session. The potential target for bulls would be at the weekly R1 at 124.64.
However, the weekly pivot point at 124.34 could provide resistance for the EUR/JPY currency exchange rate within this session.