EUR/JPY analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

EUR/JPY

The Eurozone single currency surged by 101 basis points or 0.85% against the Japanese Yen on Friday. The currency pair breached the upper boundary of an ascending channel pattern during Friday's trading session.

Technical indicators suggest that the exchange rate could continue to edge higher during the following trading session. Bullish traders could target the 120.50 level today.

However, the EUR/JPY currency exchange rate has to surpass the psychological line at 120.00 before reaching the given target.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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