Upside risks dominated the EUR/JPY currency pair on Monday. As a result, the common European currency edged higher by 136 pips or 1.05% against the Japanese yen during Monday’s trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 132.00 level could be expected within this session.
However, if the channel pattern holds, sellers could target the 50- hour simple moving average at 130.21 today.