The common European currency appreciated about 38 basis points against the Japanese Yen on Friday. The currency pair breached the 50– hour simple moving average at 117.35 during Friday’s trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 117.35 and could be set for a breakout.
If this breakout occurs, a surge towards the 200– hour simple moving average at 117.70 could follow.
However, if the channel pattern holds, the currency exchange rate might aim at the 116.76 area within the following trading session.
