The single European currency surged by 85 pips or 0.66% against the Japanese Yen on Friday. A breakout occurred through the upper boundary of a descending channel pattern during Friday’s trading session.
Given that a breakout has occurred, the exchange rate is likely to continue to edge higher during the following trading session The potential target for the EUR/JPY pair will be near the 129.80 area.
However, the 200– hour simple moving average at 129.35 could provide resistance for the currency exchange rate within today’s session.
