During Monday’s trading session, the common European currency edged higher by 40 pips or 0.30% against the Japanese Yen. The currency pair was pressured higher by the 50– hour simple moving average on Monday.
All things being equal, the exchange rate could continue to surge in an ascending channel pattern during the following trading session. The potential target for buyers would be near the 130.60 area.
However, the currency exchange rate fails to break the resistance level at 130.20, a decline towards the 129.60 level could be expected within this session.