The Eurozone single currency surged by 162 pips or 1.37% in value against the Japanese Yen on Tuesday. The currency pair breached the upper boundary of a dominant descending channel during yesterday’s trading session.
Everything being equal, the EUR/JPY exchange rate will most likely continue its upside momentum. A breakout through the upper boundary of an ascending channel pattern could occur within this session.
However, if the ascending channel pattern holds, the currency exchange rate could slide lower towards a support cluster formed by the 50– hour simple moving average and the monthly pivot point at the 119.64 within this session.
