The common European currency traded sideways against the Japanese Yen on Tuesday. The 50– hour simple moving average provided support for the currency pair during yesterday’s trading session.
Most likely, the EUR/JPY exchange rate could edge higher within the following trading session. A breakout through the upper boundary of an ascending channel pattern might occur.
However, a resistance cluster near the 125.00 level could provide a barrier for bullish traders during the following trading hours.
