The common European currency surged by 59 pips or 0.47% against the Japanese Yen on Thursday. A breakout occurred through the upper line of a descending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, the EUR/JPY currency exchange rate is likely to continue to edge higher today. The potential target for bulls would be near the 126.40 level.
However, a resistance line at 126.20 could provide a barrier for bullish traders within the following trading session.
