EUR/JPY Analysis: surge likely to continue

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The common European currency appreciated about 90 basis points against the Japanese Yen on Thursday. The currency pair tested the upper boundary of a descending channel pattern at 121.06 during yesterday’s trading session.

The exchange rate is currently trading between the 50– and 100– hours SMAs near the 120.80/120.68 area.

By and large, the currency exchange rate will likely continue to gain strength with this session. The potential target will be at the 121.39 region.

However, the EUR/JPY pair will have to surpass the descending channel pattern before reaching the prediction.