The common European currency maintained a descending channel pattern against the Japanese Yen on Thursday. The currency pair tested the upper boundary of the descending channel pattern at 121.87 during Thursday’s trading session.
After hitting the upper border of the channel pattern, the exchange rate began to depreciate and at the end of yesterday’s trading session, the pair lost about 77 base points.
By and large, it is likely that the EUR/JPY could aim for re-tests of the upper boundary of the descending channel pattern within this session. The potential upside target for bullish traders will be at the 200-hour SMA at 121.96 today.
