The EUR/JPY currency pair appreciated about 1.08% in value during yesterday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern.
The exchange rate was trading above a support level formed by the 200-hour simple moving average at 120.98 during the first half of Friday’s trading session.
If this support level holds, a surge towards the weekly R1 at 121.59 could be expected within this session.
However, if the currency exchange rate breaks the support line, bearish traders could aim for a support cluster formed by the 50– and 100-hour SMAs near the 120.65 regions today.
