The single European currency appreciated by 68 basis points against the Japanese Yen on Wednesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 120.69.
If the EUR/JPY pair breaks the descending channel, a surge towards the 121.00 could be expected within this session.
However, if the channel pattern hold, bearish traders could target a support cluster at the 120.37 zones in the nearest future.
