The common European currency depreciated about 81 base points against the Japanese Yen on Wednesday. The decline was stopped after the currency pair pierced the weekly S1 at 127.75.
However, today’s session began with a strong bullish momentum, and by the middle of Thursday’s trading session, the exchange rate had gained about 91 base points of its values.
By and large, it is likely that the currency exchange rate breaks a junior descending channel pattern today.
Nevertheless, a resistance level formed by the 200-hour SMA at 128.39 could prevent the situation from happening.
