During the previous trading session, the Eurozone single currency rose by 0.85% in value against the Japanese Yen. The currency pair breached the weekly R1 at 123.20.
The EUR/JPY exchange rate is currently testing a support level formed by the 50-hour simple moving average at 122.64.
If this support level holds, the currency exchange rate will continue its upside movement within this session.
Though, if the pair passes the 50-hour SMA, a breakout through the bottom border of an ascending channel pattern could occur in a short while.
