The common European currency versus the Japanese Yen bounced off the lower boundary of a descending channel pattern at 121.09 on Tuesday. As a result, the currency pair gained about 0.46% in value.
As for the near future, it is likely that the EUR/JPY exchange rate could aim for a resistance level formed by the 50-hour simple moving average at 121.61.
If the 50-hour SMA holds, a decline towards the lower boundary of a descending channel pattern could follow.
On the other hand, if the currency exchange rate passes the resistance line, a surge towards the weekly PP at 122.17 could be today’s target for bullish traders.
