The European single currency has appreciated by 92 basis points against the Japanese Yen since Wednesday’s trading session. The currency pair changed course from the bottom border of an ascending channel pattern at 120.46 on Wednesday.
Technical indicators demonstrate that the bullish momentum will likely continue within this session. The exchange rate might target a resistance cluster formed by the weekly R1 and the monthly R2 at 121.91.
On the other hand, the currency exchange rate might reverse from the current price level at 120.97 and potentially breakthrough the lower line of the ascending channel today.
