The common European currency has been trading in a horizontal channel against the Japanese Yen since February 20. The currency pair tested the bottom border of the channel during the morning hours of today’s trading session.
Technical Indicators demonstrate flash buy signals on both the smaller and the larger time frames. Therefore, the EUR/JPY pair could edge higher within this session.
However, given that the currency exchange rate is near the lower boundary of an ascending channel pattern at 125.54, a breakout is likely to occur during the following trading session.
