The EUR/JPY currency pair bounced off the support level at 132.87 during yesterday’s trading session. As a result, the common European currency surged by 36 pips or 0.27% against the Japanese Yen on Monday.
All things being equal, the exchange rate could continue to edge higher. A breakout through the upper line of a descending channel pattern is likely to occur within this session.
However, if the channel pattern holds, bearish traders may pressure the currency exchange rate lower today.
