The common European currency versus the Japanese Yen was guided by the 50-hour simple moving average on Monday. The 50-hour SMA provided support for the pair at 122.65 during yesterday’s trading session.
Everything being equal, the EUR/JPY currency pair will continue its upward swing within this session. The potential target for bullish traders would be at the upper boundary of an ascending channel pattern at 123.31.
If the resistance level formed by the upper border of the channel pattern holds, a decline could occur during the following trading session.
